Shares of Valaris Limited (NYSE:VAL – Get Free Report) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $42.82, but opened at $46.00. Valaris shares last traded at $44.25, with a volume of 592,465 shares trading hands.
The company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.68. Valaris had a net margin of 47.52% and a return on equity of 13.67%. The firm had revenue of $584.40 million during the quarter, compared to analysts’ expectations of $578.01 million.
Analyst Upgrades and Downgrades
Several brokerages recently commented on VAL. Barclays reiterated an “equal weight” rating and set a $49.00 target price (down from $59.00) on shares of Valaris in a report on Wednesday, December 18th. Susquehanna reduced their target price on shares of Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Citigroup raised their price target on shares of Valaris from $47.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. initiated coverage on shares of Valaris in a report on Friday, December 6th. They issued an “underweight” rating and a $40.00 price objective on the stock. Finally, Evercore ISI downgraded Valaris from an “outperform” rating to an “in-line” rating and lowered their target price for the company from $87.00 to $59.00 in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat, Valaris currently has a consensus rating of “Hold” and a consensus price target of $56.83.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of Valaris during the third quarter worth about $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 valued at $33,000 after buying an additional 622 shares in the last quarter. Signaturefd LLC lifted its holdings in Valaris by 395.0% during the 4th quarter. Signaturefd LLC now owns 1,475 shares of the company’s stock worth $65,000 after buying an additional 1,177 shares during the last quarter. Blue Trust Inc. grew its position in shares of Valaris by 41.0% in the 4th quarter. Blue Trust Inc. now owns 1,758 shares of the company’s stock worth $78,000 after acquiring an additional 511 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its position in shares of Valaris by 326.9% in the 4th quarter. Quadrant Capital Group LLC now owns 1,874 shares of the company’s stock worth $83,000 after acquiring an additional 1,435 shares in the last quarter. 96.74% of the stock is owned by institutional investors and hedge funds.
Valaris Stock Up 0.4 %
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 firm has a market capitalization of $3.06 billion, a P/E ratio of 2.95 and a beta of 1.10. The stock has a fifty day moving average price of $45.44 and a two-hundred day moving average price of $50.90.
Valaris Company 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.
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