Shares of Ensco (ESV +0.4%) could rise to $70 as the world's no. 2 offshore driller benefits...

|About: Ensco PLC (ESV)|By:, SA News Editor

Shares of Ensco (ESV +0.4%) could rise to $70 as the world's no. 2 offshore driller benefits from growing demand for deepwater drilling, Barron's says. ESV trades at 8.7x this year's expected earnings, but it may merit a richer valuation of ~10x due to its free cash flow yield of 6%, best in the industry; ESV also enjoys a highly regarded management team and a young fleet of deepwater rigs.