|Bid||0.00 x 900|
|Ask||0.00 x 2200|
|Day's Range||4.4500 - 4.6600|
|52 Week Range||3.1900 - 9.5100|
|Beta (3Y Monthly)||2.84|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 25, 2019 - Mar 1, 2019|
|Forward Dividend & Yield||0.04 (0.90%)|
|1y Target Est||7.36|
The two companies have convened and adjourned its general meeting in which they were scheduled to approve resolutions on their merger.
HOUSTON, Jan. 17, 2019 /PRNewswire/ -- Rowan Companies plc ("Rowan" or the "Company") (RDC) today announced that it intends to convene and adjourn the Company's Court and General Meetings scheduled for January 23, 2019, which were scheduled to approve resolutions relating to the transaction with Ensco plc (ESV) ("Ensco") entered into on October 7, 2018. In consultation with its financial and legal advisors, the Rowan Board of Directors continues to review Ensco's revised proposal received on January 14, 2019. The Board intends to take the time it needs to determine the course of action that it believes is in the best interest of Rowan and its shareholders.
Ensco plc ("Ensco" or the "Company") (ESV) today announced that it intends to convene and adjourn the Company’s General Meeting scheduled for January 23, 2019, which was scheduled to approve resolutions relating to the transaction with Rowan Companies plc (RDC) (“Rowan”) entered into on October 7, 2018. On January 14, 2019, Ensco provided an enhanced proposal to Rowan whereby Rowan shareholders would receive 2.600 shares of Ensco for each share of Rowan, which represents an approximately 17.4% increase compared to the 2.215 exchange ratio contemplated under the definitive transaction agreement entered into on October 7, 2018. Rowan’s Board of Directors is in the process of reviewing the enhanced proposal before providing its response to Ensco.
Rowan (RDC) shareholders would receive 2.60 shares of Ensco for each share of Rowan, up about 17.4% compared to the 2.215 exchange ratio under the agreement entered into on Oct 7, 2018.
Shares of Ensco PLC sank 4.8% in premarket trade Monday, after the oil services company said it proposed raising the stock exchange ratio for its buyout bid of Rowan Companies , after Ensco's stock tumbled since the deal was announced in October. Rowan's stock rose 0.7% ahead of the open. Under the new proposal, Ensco would exchange 2.600 of its shares for each Rowan share outstanding, up from a previous proposal of 2.215 shares. Based on Friday's closing prices, the new ratio would value Rowan's stock at $11.34 each. That's 8.2% above Friday's closing price for Rowan's stock, but 39.6% below the implied value of the original deal, which was announced ahead of the Oct. 8 open. That would drop the implied market capitalization of Rowan to about $1.4 billion from roughly $2.4 billion. Ensco shares have tumbled 48.6% since Oct. 5 through Friday, while Rowan's stock has dropped 44.2%, the VanEck Vectors Oil Services ETF has shed 36.1% and the S&P 500 has fallen 10.0%.
HOUSTON, Jan. 14, 2019 /PRNewswire/ -- Rowan Companies plc ("Rowan" or the "Company") (RDC) today confirmed receipt of a proposal from Ensco plc (ESV) ("Ensco") to increase the exchange ratio for the previously announced all-stock transaction in which Rowan would combine with Ensco. Under the terms of the proposal, Rowan shareholders would receive 2.60 shares of Ensco for each share of Rowan, which represents an approximately 17.4% increase compared to the 2.215 exchange ratio contemplated under the definitive transaction agreement entered into on October 7, 2018. In consultation with its financial and legal advisors, the Rowan Board of Directors will carefully review and consider Ensco's proposal to determine the course of action that the Board believes is in the best interest of Rowan and its shareholders. The Rowan Board will respond to Ensco's proposal in due course following its review.
Ensco plc (ESV) announced today that it has made a proposal to Rowan Companies plc (RDC) to increase the exchange ratio for its all-stock combination with Rowan. Under the terms of the proposal, Rowan shareholders would receive 2.600 Ensco shares for each Rowan share, a 17.4% increase from the exchange ratio of 2.215 contemplated by the transaction agreement dated October 7, 2018 between the parties. Upon closing, Ensco and Rowan shareholders would own approximately 57% and 43%, respectively, of the outstanding shares of the combined company.
Kinder Morgan's (KMI) Q4 results to benefit from extensive networks of natural gas pipelines. However, a weak balance sheet is a concern.
Rowan's (RDC) merger deal with Ensco is opposed by Canyon as it can lead to deterioration of Rowan's operational and financial profile.
Ensco (ESV) announced today that Senior Vice President and Chief Financial Officer Jon Baksht will present at The Astrup Fearnley Shipping & Offshore Conference in London on Thursday, 10 January 2019, beginning at 11:35 AM GMT. Investor materials to be used during the conference will be available on Ensco’s website at www.enscoplc.com the morning of the event. Ensco plc (ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry.
Hedge fund Canyon Capital Advisors has warned it would vote against the $2.38 billion sale of offshore driller Rowan Companies Plc to rival Ensco Plc, casting doubt on a combination that had signaled optimism about the future of offshore exploration. Canyon holds a 6.3 percent stake in Houston-based Rowan, valued at more than $80 million, making it one of Rowan's largest shareholders. Shares of Rowan were up 7.8 percent at $10.24 in mid-day trading, while shares of Ensco were up 7 percent at $4.48.
HENDERSON, NV / ACCESSWIRE / January 3, 2019 / Energy is still one of the most profitable areas of the stock market. As demand for oil continues to trend upward, topping 100 million barrels per day this ...
Ensco and Transocean continue to trade at a substantial discount to book value. But with oil producers finally starting to spend offshore, I like their prospects. What am I missing? Two fellow Fools weigh in.
With the offshore energy industry looking ready to turn the corner toward growth, we have hand-picked a few stocks for you to monitor going into 2019.
Ensco plc (ESV) today announced its Continuous Tripping Technology™, a new proprietary solution that provides more efficient and safer pipe tripping and helps to lower customers’ offshore project costs. The patented Continuous Tripping Technology, in concert with other key equipment, sensors and process controls, fully automates the movement of the drill string into or out of the well at a constant controlled speed. When deployed during offshore activities, Continuous Tripping Technology enables pipe-tripping speeds of up to 9,000 feet per hour – up to three times faster than tripping times achieved by current conventional stand-by-stand methods.
On December 7–14, upstream stock Carrizo Oil & Gas (CRZO) fell the most on our list of energy stocks. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 7.8%—the most among the major energy subsector ETFs that we discussed in Part 2.