Ensco Rowan PLC (ESV) Position Size Increased

By on July 11, 2019

ValarisThe position in Ensco Rowan PLC (ESV) was increased in the SMA Portfolio on Thursday, July 11th, from a 0.2% weighting to approximately 1.0% with cash available. The performance of ESV has been a disaster since the original position was initiated in September 2014. Ensco has since consolidated with Atwood Oceanics and Rowan in recent years while the bear market in offshore contract drilling has continued unabated.

Investor sentiment towards oil services contractors is terriby negative, as well it should be, given the abysmal financial results over the past few years. Maybe a bottom has been reached, although the purchase of ESV hoping for a potential turnaround can only be considered a speculative gamble.

ESV was purchased at $9.01.

Ensco Rowan will change its name to Valaris plc, effective July 31, 2019.

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Disclaimer: It is very challenging to outperform a buy and hold strategy. Historically, investors have found themselves well-served over the long-term by investing regularly in a diversified portfolio of stocks or low cost, broadly diversified indexed stock funds. Information presented is based on analysis of past data and assessments by the Tactical Timing System model. Future performance may not reflect past performance. Profitable trades are not guaranteed. No system or methodology ensures stock market profits. Although accuracy is strived for, no guarantee is made regarding the accuracy of data presented.

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