Shares of Ensco (ESV) fell in Friday’s trading session as oil prices fell following a warning by the International Energy Agency, making it TheStreet’s Move of the Day. The IEA said that a global oil glut is building. The agency added that U.S. oil production shows no signs of slowing, adding downward pressure on the already slumping crude prices. The U.K.-based offshore driller Ensco, slashed its quarterly dividend earlier this month by 80%. It expects the downturn in demand for oil rigs to unfold over multiple years. TheStreet’s Jim Cramer is bearish on the stock and says it’s ‘too hard to own.’ TheStreet’s Kurumi Fukushima reports in New York.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
