Ensco downgraded at Barclays on concerns over operational execution

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

Ensco (ESV -2.1%) is downgraded to Equal Weight from Overweight with a $60 price target (from $82) at Barclays, which sees continued high levels of unplanned downtime prompting concerns with ESV's operational execution, despite its high-quality mixed fleet of relatively standardized assets.

The firm prefers ultra-deepwater pure-plays, including Ocean Rig (ORIG +2.1%) and Pacific Drilling (PACD +2.6%), and catalyst-rich offshore drillers led by Noble Corp. (NE -0.4%), which is undergoing operational improvements and is moving forward with a meaningful non-core asset divestiture.