Ensco plc (ESV) saw a big move last session, as the company’s shares fell by 8% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for ESV, as the stock is now down nearly 24% since Feb 9.
On Feb 25, the company reported its fourth quarter earnings results where the company’s board of directors reduced its dividend.
This slump shouldn’t be too much of a surprise to investors, as the oil and gas drilling company has seen 2 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
ESV currently has a Zacks Rank #4 (Sell).
A better-ranked stock in the same sector is Valero Energy Partners LP (VLP), holding a Zacks Rank #1 (Strong Buy).
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