Retirement Systems of Alabama Acquires 4,065 Shares of Valaris Limited (NYSE:VAL)

Retirement Systems of Alabama boosted its holdings in Valaris Limited (NYSE:VAL) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 190,025 shares of the company’s stock after purchasing an additional 4,065 shares during the period. Retirement Systems of Alabama’s holdings in Valaris were worth $10,594,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in shares of Valaris by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 18,244 shares of the company’s stock valued at $1,359,000 after acquiring an additional 214 shares during the last quarter. Victory Capital Management Inc. lifted its position in Valaris by 5.0% in the second quarter. Victory Capital Management Inc. now owns 5,080 shares of the company’s stock valued at $378,000 after purchasing an additional 243 shares during the last quarter. Deane Retirement Strategies Inc. boosted its stake in shares of Valaris by 0.6% during the third quarter. Deane Retirement Strategies Inc. now owns 40,504 shares of the company’s stock valued at $2,259,000 after purchasing an additional 251 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Valaris by 0.6% in the second quarter. The Manufacturers Life Insurance Company now owns 73,525 shares of the company’s stock worth $5,478,000 after purchasing an additional 427 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of Valaris in the third quarter worth $25,000. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Matthew Lyne sold 26,000 shares of Valaris stock in a transaction dated 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 transaction, the senior vice president now directly owns 24,388 shares of the company’s stock, valued at $1,360,118.76. This trade represents a 51.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.12% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on VAL. Susquehanna cut their price target on shares of Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Barclays cut their target price on Valaris from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Benchmark lowered Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. started coverage on Valaris in a research report on Friday, December 6th. They issued an “underweight” rating and a $40.00 price objective on the stock. Finally, Citigroup cut Valaris from a “buy” rating to a “neutral” rating and reduced their target price for the company from $58.00 to $47.00 in a research note on Monday, December 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $66.00.

Valaris Stock Down 1.6 %

VAL stock opened at $42.87 on Tuesday. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 2.94 and a beta of 1.09. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61. The business’s 50 day moving average price is $48.60 and its two-hundred day moving average price is $60.40. Valaris Limited has a fifty-two week low of $41.66 and a fifty-two week high of $84.20.

Valaris Profile

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.