Valaris (NYSE:VAL) Stock Price Down 5.4% – Here’s Why

Valaris Limited (NYSE:VAL)’s stock price traded down 5.4% during mid-day trading on Friday . The stock traded as low as $42.27 and last traded at $42.43. 400,764 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 1,093,786 shares. The stock had previously closed at $44.87.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VAL. Susquehanna lowered their price target on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Benchmark downgraded Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Citigroup reduced their price target on shares of Valaris from $71.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Barclays reduced their target price on shares of Valaris from $61.00 to $59.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Valaris in a research note on Friday. They issued an “underweight” rating and a $40.00 price target for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Valaris has a consensus rating of “Hold” and a consensus target price of $67.83.

Valaris Price Performance

The firm has a market cap of $2.99 billion, a P/E ratio of 2.88 and a beta of 1.09. The business has a 50-day simple moving average of $49.97 and a 200 day simple moving average of $61.87. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61.

Insider Activity at Valaris

In other Valaris news, SVP Matthew Lyne sold 26,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.77, for a total transaction of $1,450,020.00. Following the transaction, the senior vice president now owns 24,388 shares in the company, valued at approximately $1,360,118.76. This represents a 51.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Gilles Luca sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 108,342 shares of the company’s stock, valued at approximately $6,160,326.12. The trade was a 21.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,403 shares of company stock worth $4,028,246 over the last quarter. Corporate insiders own 0.12% of the company’s stock.

Institutional Trading of Valaris

Hedge funds and other institutional investors have recently modified their holdings of the business. Retirement Systems of Alabama boosted its stake in Valaris by 2.2% during the third quarter. Retirement Systems of Alabama now owns 190,025 shares of the company’s stock worth $10,594,000 after acquiring an additional 4,065 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Valaris by 4.6% during the third quarter. Franklin Resources Inc. now owns 37,429 shares of the company’s stock valued at $1,956,000 after purchasing an additional 1,634 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Valaris by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,519,644 shares of the company’s stock worth $84,736,000 after purchasing an additional 66,229 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Valaris by 64.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 16,066 shares of the company’s stock worth $896,000 after buying an additional 6,299 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Valaris during the 3rd quarter valued at approximately $1,862,000. 96.74% of the stock is owned by hedge funds and other institutional investors.

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.