Lead Portfolio Manager Jacques Elmaleh of Steinberg Global Asset Management says ENSCO PLC (ESV) is a more cyclical stock than he would normally invest in, but he was reeled in by the dividends.
“The stock is going to pay about $3 in dividends per year. They raised it, and that is what caught our attention and brought us into this stock,” Elmaleh said.
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Elmaleh says ENSCO is an inexpensive stock, and though the industry is a bit cyclical, the dividend is well-covered and he’s expecting a good yield.
“Although there is a little bit of a low in the offshore drilling market, when it does turn, we are getting paid to wait, and there’s a lot of upside there,” Elmaleh said. “In the meantime, we are getting a yield that’s almost 6%.”
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