Jefferies Reiterates Buy on Ensco

Jefferies is out with its report today on Ensco (NYSE: ESV), reiterating Buy.

In a note to clients, Jefferies writes, "Overall, we believe that the ESV story and offshore drilling cycle remains firmly on track and expect upside surprises for both dayrates and utilization during the back half of 2011 and 2012. As a result, we reiterate our Buy rating and believe that the recent weakness in the group provides a good buying opportunity for longer-term focused investors."

Jefferies maintains a $67 PT on ESV.

Shares of ESV closed Thursday at $51.39, down 1.78% from Wednesday's close.