Valaris (NYSE:VAL) Shares Gap Up – Here’s Why

Shares of Valaris Limited (NYSE:VAL) gapped up prior to trading on Thursday . The stock had previously closed at $48.79, but opened at $52.52. Valaris shares last traded at $51.83, with a volume of 445,366 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have commented on VAL shares. Pickering Energy Partners lowered shares of Valaris from an “outperform” rating to a “neutral” rating in a report on Tuesday, July 16th. Benchmark downgraded shares of Valaris from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Barclays reduced their price target on shares of Valaris from $91.00 to $61.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Citigroup reduced their price target on shares of Valaris from $95.00 to $71.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Finally, Susquehanna reduced their price target on shares of Valaris from $62.00 to $61.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $81.33.

Valaris Trading Up 2.2 %

The firm’s 50-day moving average is $55.03 and its 200 day moving average is $66.07. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 3.78 and a beta of 1.15.

Valaris (NYSE:VAL) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $1.07. The firm had revenue of $610.10 million for the quarter, compared to the consensus estimate of $545.00 million. Valaris had a net margin of 49.33% and a return on equity of 12.58%. On average, equities analysts predict that Valaris Limited will post 4.37 earnings per share for the current fiscal year.

Insider Transactions at Valaris

In other news, COO Gilles Luca sold 30,000 shares of Valaris stock in a transaction on Monday, September 9th. The shares were sold at an average price of $56.86, for a total value of $1,705,800.00. Following the completion of the sale, the chief operating officer now owns 108,342 shares in the company, valued at $6,160,326.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Valaris news, SVP Matthew Lyne sold 26,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.77, for a total transaction of $1,450,020.00. Following the completion of the sale, the senior vice president now owns 24,388 shares in the company, valued at approximately $1,360,118.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Gilles Luca sold 30,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $56.86, for a total transaction of $1,705,800.00. Following the completion of the transaction, the chief operating officer now directly owns 108,342 shares in the company, valued at $6,160,326.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,403 shares of company stock worth $4,028,246. Company insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Valaris

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in shares of Valaris by 180.8% during the first quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $27,000 after buying an additional 235 shares during the period. Headlands Technologies LLC bought a new position in shares of Valaris in the first quarter worth approximately $149,000. Evergreen Capital Management LLC bought a new position in shares of Valaris in the second quarter worth approximately $204,000. Choreo LLC bought a new position in shares of Valaris in the second quarter worth approximately $204,000. Finally, Scientech Research LLC bought a new position in shares of Valaris in the second quarter worth approximately $211,000. 96.74% of the stock is currently owned by institutional investors.

About Valaris

Valaris Limited, together with its subsidiaries, provides offshore contract drilling services Gulf of Mexico, South America, North Sea, the Middle East, Africa, and the Asia Pacific. The company operates through four segments: Floaters, Jackups, ARO, and Other. It owns an offshore drilling rig fleet, which include drillships, dynamically positioned semisubmersible rigs, moored semisubmersible rig, and jackup rigs.