Valaris (NYSE:VAL) Trading Down 6.3% – Here’s What Happened

Shares of Valaris Limited (NYSE:VAL) were down 6.3% on Tuesday . The stock traded as low as $50.64 and last traded at $50.5080. Approximately 524,981 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,528,930 shares. The stock had previously closed at $53.91.

Analysts Set New Price Targets

Several research analysts have issued reports on VAL shares. Capital One Financial set a $55.00 price objective on Valaris in a research report on Monday, September 15th. BTIG Research increased their price target on shares of Valaris from $55.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 31st. Susquehanna increased their target price on shares of Valaris from $49.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Valaris in a research note on Wednesday, October 8th. Finally, Barclays boosted their target price on Valaris from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Valaris currently has a consensus rating of “Hold” and a consensus price target of $54.06.

Valaris Trading Down 7.0%

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.87 and a quick ratio of 1.87. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 8.91 and a beta of 1.16. The business’s 50-day moving average price is $54.74 and its two-hundred day moving average price is $50.04.

Valaris (NYSE:VAL) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $1.00 by $1.65. The company had revenue of $595.70 million during the quarter, compared to the consensus estimate of $568.41 million. Valaris had a return on equity of 17.27% and a net margin of 16.51%.Valaris’s revenue for the quarter was down 7.4% compared to the same quarter last year. Equities analysts expect that Valaris Limited will post 3.96 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in VAL. Saranac Partners Ltd purchased a new stake in shares of Valaris during the 3rd quarter worth about $335,000. CIBC Bancorp USA Inc. acquired a new position in shares of Valaris during the 3rd quarter valued at $331,000. Dark Forest Capital Management LP acquired a new stake in Valaris in the 3rd quarter valued at $4,122,000. Wexford Capital LP purchased a new stake in shares of Valaris in the third quarter worth about $41,000. Finally, Pureheart Capital Pte Ltd. acquired a new stake in Valaris in the third quarter valued at approximately $2,536,000. 96.74% of the stock is owned by hedge funds and other 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.