Einhorn Comments on Ensco Position in Q2 Letter

Last week, we reported that David Einhorn’s Greenlight Capital took a large position in Ensco plc during the second quarter. Ensco was profiled in an article on The Rational Walk in early June and the company is scheduled to report second quarter earnings on Thursday, July 22. Here is what Mr. Einhorn had to say about the Ensco purchase in his letter to shareholders dated July 16.

Einhorn’s Greenlight Capital Takes Large Position in Ensco

Einhorn’s Greenlight Capital Takes Large Position in Ensco

In a sign that value oriented hedge fund managers are continuing to wade into the depressed offshore drilling sector, David Einhorn’s Greenlight Capital has reported a 5.2 percent stake in Ensco plc as of June 30, 2010. Mr. Einhorn controls 7.4 million shares with a market value of slightly over $300 million at today’s closing price. This represents a substantial commitment for Mr. Einhorn’s funds which were valued at $2.93 billion as of March 31. It appears that his purchases were definitely made in the second quarter, and most likely were made after the Deepwater Horizon disaster. Read this article for more details.

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