While investors think the worst may be passed for many in the oil patch, the stock rebound in the sector may well be overdone. Take Ensco PLC, which finished last week up 46% from last month’s 20-year low as oil prices have similarly bounced. Susquehanna Financial thinks “the offshore-drilling sector will be highly challenged over the next few years with a massive oversupply of rigs” as the investment bank sticks with its $8 price target on Ensco and drops the stock–which finished last week at $10.60 and on Wednesday will get bumped out of the S&P 500–to negative. “Even if crude prices recover to a point where drilling activity resumes in the next 12-18 months, we see spending being directed much more towards onshore drilling and production than offshore,” says the investment bank. Regarding oilfield services, Wunderlich Securities isn’t sounding upbeat, either. It notes that coming out of fourth-quarter […]