Ensco (ESV) Stock Slips as Oil Prices Fall

Oil prices are declining this afternoon, dragging down shares of Ensco (ESV).
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of Ensco (ESV)  are down 5.03% to $9.82 this afternoon as oil prices decline.

Crude oil (WTI) is down 1.44% to $44.59 per barrel and Brent crude is falling 0.66% to $46.65 per barrel.

Despite reports that U.S. stockpiles have declined for the ninth week in a row, a stronger U.S. dollar and a massive global fuel glut still pull oil prices lower, CNBC reports.

In the company's July fleet status report, Ensco announced it had sold six of its rigs to undisclosed customers for scrap value.

Ensco is a London-based offshore contract drilling company.

Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: ESV

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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