Valaris (NYSE:VAL) Sees Large Volume Increase – Here’s What Happened

Shares of Valaris Limited (NYSE:VAL) saw an uptick in trading volume on Tuesday . 3,604,218 shares changed hands during trading, an increase of 188% from the previous session’s volume of 1,249,310 shares.The stock last traded at $34.11 and had previously closed at $32.85.

Analyst Upgrades and Downgrades

VAL has been the subject of several recent research reports. Susquehanna reduced their price target on Valaris from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Evercore ISI cut shares of Valaris from an “outperform” rating to an “in-line” rating and reduced their target price for the company from $87.00 to $59.00 in a research report on Wednesday, January 15th. JPMorgan Chase & Co. started coverage on shares of Valaris in a research note on Friday, December 6th. They issued an “underweight” rating and a $40.00 price target on the stock. Citigroup lifted their price objective on shares of Valaris from $47.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, January 30th. Finally, StockNews.com upgraded shares of Valaris to a “sell” rating in a research report on Thursday, February 20th. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.00.

Valaris Price Performance

The company has a quick ratio of 1.61, a current ratio of 1.59 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of 6.59 and a beta of 1.10. The business’s 50 day simple moving average is $44.85 and its 200-day simple moving average is $49.37.

Valaris (NYSE:VAL) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.68. Valaris had a net margin of 15.81% and a return on equity of 17.40%. The business had revenue of $584.40 million for the quarter, compared to analyst estimates of $578.01 million. On average, research analysts forecast that Valaris Limited will post 3.96 earnings per share for the current year.

Hedge Funds Weigh In On Valaris

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP bought a new stake in shares of Valaris during the 3rd quarter worth $25,000. Sterling Capital Management LLC raised its stake in Valaris by 518.3% during the fourth quarter. Sterling Capital Management LLC now owns 742 shares of the company’s stock worth $33,000 after acquiring an additional 622 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Valaris by 395.0% in the fourth quarter. Signaturefd LLC now owns 1,475 shares of the company’s stock worth $65,000 after acquiring an additional 1,177 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Valaris by 41.0% in the 4th quarter. Blue Trust Inc. now owns 1,758 shares of the company’s stock valued at $78,000 after purchasing an additional 511 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of Valaris by 326.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,874 shares of the company’s stock valued at $83,000 after purchasing an additional 1,435 shares during the last quarter. Institutional investors own 96.74% of the company’s stock.

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.