State of Alaska Department of Revenue Cuts Position in Valaris Limited (NYSE:VAL)

State of Alaska Department of Revenue lessened its stake in Valaris Limited (NYSE:VAL) by 3.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,460 shares of the company’s stock after selling 275 shares during the quarter. State of Alaska Department of Revenue’s holdings in Valaris were worth $330,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Quarry LP acquired a new stake in shares of Valaris in the 3rd quarter worth $25,000. Blue Trust Inc. increased its holdings in Valaris by 41.0% during the 4th quarter. Blue Trust Inc. now owns 1,758 shares of the company’s stock worth $78,000 after purchasing an additional 511 shares during the period. KBC Group NV raised its holdings in Valaris by 63.3% in the fourth quarter. KBC Group NV now owns 2,929 shares of the company’s stock valued at $130,000 after acquiring an additional 1,135 shares in the last quarter. Spire Wealth Management grew its stake in shares of Valaris by 24.3% during the fourth quarter. Spire Wealth Management now owns 4,206 shares of the company’s stock worth $186,000 after purchasing an additional 821 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new stake in Valaris in the third quarter valued at $244,000. Institutional investors and hedge funds own 96.74% of the company’s stock.

Wall Street Analyst Weigh In

VAL has been the topic of a number of research analyst reports. Evercore ISI cut shares of Valaris from an “outperform” rating to an “in-line” rating and cut their price objective for the stock from $87.00 to $59.00 in a report on Wednesday, January 15th. Susquehanna decreased their price objective on Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Citigroup boosted their target price on Valaris from $47.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Barclays reissued an “equal weight” rating and issued a $49.00 price objective (down from $59.00) on shares of Valaris in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. started coverage on shares of Valaris in a report on Friday, December 6th. They set an “underweight” rating and a $40.00 price target for the company. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $56.83.

Valaris Stock Down 2.7 %

Shares of NYSE:VAL opened at $44.50 on Friday. Valaris Limited has a 12-month low of $39.90 and a 12-month high of $84.20. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average price is $45.52 and its two-hundred day moving average price is $51.51. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 3.06 and a beta of 1.10.

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.