|Bid||8.34 x 40000|
|Ask||9.50 x 40000|
|Day's Range||8.59 - 8.89|
|52 Week Range||4.10 - 9.51|
|Beta (3Y Monthly)||2.80|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 30, 2018|
|Forward Dividend & Yield||0.04 (0.48%)|
|1y Target Est||8.29|
Ensco and Rowan leaders emphasized on a conference call that they see the deal as a merger rather than an acquisition.
Ensco plc (ESV) will hold its third quarter 2018 earnings conference call at 9:00 a.m. CDT (10:00 a.m. EDT and 2:00 p.m. London) on Tuesday, 30 October 2018. The earnings release will be issued before the New York Stock Exchange opens that morning. The conference call will be webcast live at www.enscoplc.com.
Investors shouldn’t give up on oilfield-services stocks, even though they fell on Wednesday. More deals like this week’s merger of Ensco and Rowan Cos. are on the way, UBS says.
Within a span of less than a week, two major deals have been announced in the drilling industry, validating the fact that consolidation is gathering more steam.
Ensco (ESV) agreed to snap up Rowan Companies (RDC) in a $2.38 billion deal, while Canada's Precision Drilling (PDS) is set to acquire Trinidad Drilling Limited for C$1.03 billion.
NEW YORK, NY / ACCESSWIRE / October 9, 2018 / U.S. equities were mixed on Monday with the Dow Jones finishing in the green, but broader market gains were lagged due to worries over sharp increase in interest ...
The merger of Ensco (ESV) and Rowan to create leading offshore driller with a larger fleet size, geographic presence and customer base.
Offshore driller Ensco PLC has agreed to buy Rowan Cos., a deal the companies say will help them win business as the offshore oil market starts to grow again. Under terms of the deal, Rowan shareholders will receive 2.215 Ensco shares for each of their Rowan shares. Ensco stockholders will own 60.5% of the combined company, with Rowan shareholders owning the remaining.
Companies that make their money in the offshore energy market were dead in the water until recently. While the mood has improved with oil prices reaching a four-year high, Ensco PLC is still buying rival offshore driller Rowan Co from a position of weakness rather than strength. Rowan’s shares are up by 50% this year and Ensco’s up by 80%, but the two companies’ combined market value is barely a third of what it was at the beginning of 2014.
Moody's Investors Service ("Moody's") placed Ensco plc's (Ensco) ratings under review for downgrade following its announcement to acquire Rowan Companies, Inc. (Rowan, B3 developing) in an all-stock transaction on October 8, 2018. Ensco's ratings under review include its B2 Corporate Family Rating (CFR), B2-PD Probability of Default Rating (PDR), B3 senior unsecured notes rating and NP commercial paper rating.
Ensco said it would buy Rowan for $2.4 billion in an all-stock deal, one that continues the consolidation in the beaten-up sector. Ensco acquired Atwood Oceanics last year, while (RIGN) (RIG) agreed to buy (OCRG) (ORIG) in September. In June 2017 I argued that Ensco’s acquisition of Atwood would be a key catalyst for offshore drillers, and that—along with higher oil prices—appears to be the case.
The Dow Jones Industrial Average rebounded to end in positive territory Monday after a volatile start to the day. The bond market is closed for Columbus Day. Click here to register for a free online video in which TheStreet's retirement expert Robert Powell and an all-star panel run down all you need to know.
Offshore drilling, the worst hit during the 2014 slide in oil prices, is set to benefit as recent auctions and discoveries worldwide indicate a rising need for specialised drill ships. "We're starting to see a broad pick up in nearly all geographies and all market segments," Ensco Chief Executive Officer Carl Trowell told analysts on a call. The deal also expands Ensco's presence in the market for higher-specification rigs, which help operators drill in challenging conditions and also fetch higher rates.
On Monday, bond markets will be closed for Columbus Day, while equity markets in the U.S. are open for trade. U.S. stock index futures pointed to a lower open as rising bond yields and growing interest rates made equities less attractive to investors. However, as trading opened, there was a quick bounce back. Meanwhile, at […] The post Stock Market News Daily Roundup October 8 appeared first on Market Exclusive.
London-based Ensco PLC (NYSE: ESV) and Houston’s Rowan Companies PLC (NYSE: RDC) are merging in an all-stock deal between the two offshore drillers, according to an Oct. 8 statement. The combined company will have an enterprise value of $12 billion and will be domiciled in the U.K. with senior executive officers located in London and Houston. Carl Trowell, Ensco’s president and CEO, will serve as executive chairman of the combined company while Tom Burke, Rowan’s president and CEO, will serve as president and CEO.
NEW YORK, Oct. 08, 2018 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Rowan Companies plc (“Rowan” or the.
** The European Commission approved without any conditions the acquisition of Swedish Com Hem telecoms services provider by rival Tele2. ** AlixPartners, the interim manager of Abraaj's $1 billion healthcare fund, has decided to redistribute the troubled private equity firm's stake in the fund to its other investors, sources familiar with the matter said.
Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco. This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.
Ensco Plc and Rowan Companies Plc said Monday they have agreed to combine in an all-stock deal with an enterprise value of $12 billion. Under the terms of the deal, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share. The combined company expects to achieve annual pretax synergies of about $150 million. The deal is expected to boost cash flow per share in 2020 and to close in the first half of 2019. The new company will be a leading player in offshore drilling with a diverse customer base that includes most of the big offshore reserve holders, the companies said in a joint statement. Rowan Chief Executive Tom Burke will serve as CEO of the new company. "By merging our high-quality rig fleets and infrastructure covering the world's most prolific offshore basins, we increase our scale while maintaining a shared focus on high-specification assets that will include ultra-deepwater drillships and versatile semisubmersibles, as well as harsh environment and modern jack-ups," Burke said in a statement. Ensco shares rose 2.7% premarket on the news, while Rowan shares were up 2.8%. S&P 500 futures were down 0.3%.