Trade: Ensco PLC (ESV)

Stock Ratings: 1 = buy at current stock prices, 2 = buy on a 5-10% dip in stock price, 3 = sell on a 5-10% increase in stock price, 4 = sell at current stock prices to raise cash.  Ratings are based upon 12-18 month outlook on stock direction and not necessarily related to moves I make due to financial positioning.

Today I sold my entire position of Ensco PLC at $21.75, taking a significant loss on the stock.  While oil does seem to be bouncing off of its bottom, I don't feel confident I'll get prices above $22 for the stock any time soon, so I decided to cut my ties so I have money ready for new purchases.  I don't see oil prices going much higher than the low 50s in the next 6 - 12 months, the company has a lot of glut in rigs that are active and more coming online.  It will take awhile for everything to play out before this company is investable again.  With only a 2.5% yield, I'm not seeing any benefit in sticking through things until they're better.