Shares of Ensco Plc (ESV.N) outperformed rivals on Tuesday, a day after the owner of the world's second-largest offshore drilling fleet reported second-quarter results that exceeded Wall Street expectations. Shares of the company, which has purchased rival Pride International, rose 7 percent in early afternoon trading. Ensco also said its savings next year from the Pride merger would be double its earlier estimate of $50 million, a forecast that adds to earnings, analysts noted. Merger integration is going well and the company's new organizational structure is already in place, Ensco Chief Executive officer Dan Rabun told analysts on a conference call.
Ensco plc (Ensco), formerly Ensco International plc, is a global offshore contract drilling company. Shares of ESV traded higher by 7.05% or $2.85/share to $43.27. In the past year, the shares have traded as low as $39.51 and as high as $60.31. On average, 3710040 shares of ESV exchange hands on a given day and today's volume is recorded at 3855249.
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