Duncan-Williams Reiterates Strong Buy and PT of $68 on Ensco (ESV)

Duncan-Williams reiterated its Strong Buy rating on Ensco (NYSE: ESV). At the same time, it left its price target unchanged at $68.

In a research report published today, Duncan-Williams states, "ENSCO released a fleet status with numerous changes. Three new contracts and one extension in Saudi Arabia were offset with shipyard and mobilization time on other rigs. These changes leave our annual estimates the same for both 2011 and 2012 at $3.80 per share and $5.65 per share, respectively. Our quarterly numbers have shifted slightly due to the changes included in the latest rig fleet status. We reiterate our STRONG BUY rating and twelve month target of $68 per share, which is based on 15 times our 2012 earnings estimate. ENSCO is expected to complete the acquisition of Pride (NYSE: PDE: Buy rated) this quarter."

On Monday, Ensco lost 0.94% of its value to close the day at $53.56.