Ensco PLC (NYSE:ESV) All Set To Close The Year In Red

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In the last trading session, the stock price of Ensco PLC (NYSE:ESV) traded in a narrow range and closed flat at $5.86. The traded share volume was 7.77 million compared to average share volume of 15.19 million. The company brings energy to the world as an international provider firm of offshore drilling services to the petroleum market. For over 30 years, the firm focus has been on operating safely and going beyond client expectations.

The details

Ensco is topped in the category of total customer satisfaction in the recent independent survey carried out by EnergyPoint Research. It is for the seventh time in a row that company has earned this merit. Operating one of the latest ultra-deepwater rig fleets and a major premium jackup fleet, the company has a strong presence in the most planned offshore basins across 6 continents.

As per the latest report, a wave of oil supply disruptions, increasing demand and OPEC’s latest production cuts has given hopes to producers that international oil supplies are showing indications of coming back in line with demand. This further supports the belief that recovery is taking foothold moving into 2018.

The existing gas and oil activity is in line to continue to be at a steady level in imminent years, with the number of wells drilled projected to surge in 2018. More recently, U.S. firms added oil rigs for a third successive week, as higher crude prices forced drillers to come back to the well pad following a break in the fall.

The jump in U.S. drilling continued for 14 months before delaying in last summer, as some producers lowered their 2017 spending plans post prices turned softer. Energy companies began adding rigs again in last month as crude prices increased. Active firms in the industry comprise Ensco, Occidental Petroleum Corp (NYSE:OXY), Torchlight Energy Resources Inc (NASDAQ:TRCH), to name a few.