UPDATE: Bank of America Raises PT on Ensco on Consistent Dividend Returns

In a report published on Wednesday, Bank of America analyst Douglas Becker maintained a Buy rating on Ensco (NYSE: ESV) and raised the price target from $73.00 to $75.00.

In the report, Bank of America noted, "Critically, ESV continues to show the ability to grow the fleet while returning cash to shareholders. During 2Q ESV announced a new drillship and jackup after raising its annual divident by 33% to $2.00/share in 1Q'13." He continues, "We forecast ESV to increase the annual dividend to $2.50/share in 1Q'14 and $3.00 in 1Q'15. We maintain a Buy on ESV owing to earnings growth, 3.4% yield and solid execution track record."

Ensco traded down .90 percent on Wednesday, to $57.15.