Thursday, April 22, 2010

Ensco (NYSE:ESV) Increases Dividend, Upgraded

Ensco (NYSE:ESV) reported a strong quarter which easily beat analysts' estimates, while also announcing a nice increase in its quarterly dividend, driving the share price up over 4 percent.

Revenue for the quarter reached $449 million, or $1.11 a share, beating the estimate of $434.89 million, or $1.01 a share analysts were looking for.

S&P Equity Research liked what is sees with Ensco, and raised its rating for the company from "Sell" to "Buy." They said in a note to clients, "We now see an improved outlook for Ensco's key jackup markets, including the U.S. Gulf of Mexico."

Finally, the Board of Directors of Ensco have declared an increase in the quarterly cash dividend on Class A ordinary share from $0.025 an ordinary share to $0.35 per Class A ordinary share. That's $1.40 on an annual basis.

The dividend is payable to owners of Ensco’s American depositary shares as of June 7, 2010, and will receive payment on June 18, 2010. The yield on the dividens is 2.9 percent.

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