UPDATE: Morgan Stanley Raises PT on ENSCO on Shareholder Friendly Practices

In a report published on Monday, Morgan Stanley analyst Ole Slorer raised the price target on ENSCO (NYSE: ESV) from $72 to $75 and maintained a rating on the company of Equal-Weight.

In the report, Morgan Stanley noted, "As the offshore drilling cycle matures, investors are looking increasingly for strategies that increase shareholder value through dividends and buybacks. After SDRL, we regard ESV as the most shareholder-friendly amongst the offshore drillers."

ENSCO closed on Monday at $64.02.