Citigroup Cuts Valaris (NYSE:VAL) Price Target to $58.00

Valaris (NYSE:VAL) had its price objective reduced by Citigroup from $71.00 to $58.00 in a report issued on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other brokerages also recently issued reports on VAL. Benchmark downgraded Valaris from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Barclays cut their target price on shares of Valaris from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Finally, Susquehanna decreased their price target on shares of Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.40.

Valaris Stock Performance

VAL opened at $46.20 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. Valaris has a 12-month low of $45.42 and a 12-month high of $84.20. The business has a 50 day moving average of $51.02 and a 200-day moving average of $62.96. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 3.17 and a beta of 1.17.

Insider Activity at Valaris

In related news, SVP Matthew Lyne sold 26,000 shares of the business’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 value of $1,450,020.00. Following the completion of the sale, the senior vice president now directly owns 24,388 shares in the company, valued at approximately $1,360,118.76. The trade was a 51.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Davor Vukadin sold 15,403 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $56.64, for a total value of $872,425.92. Following the completion of the transaction, the senior vice president now owns 13,334 shares in the company, valued at $755,237.76. The trade was a 53.60 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,403 shares of company stock worth $4,028,246. Corporate insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Valaris in the 1st quarter valued at approximately $582,000. Diversify Advisory Services LLC boosted its position in Valaris by 14.8% in the third quarter. Diversify Advisory Services LLC now owns 137,572 shares of the company’s stock valued at $7,670,000 after buying an additional 17,690 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Valaris in the second quarter valued at approximately $3,652,000. State of New Jersey Common Pension Fund D increased its holdings in shares of Valaris by 19.8% during the third quarter. State of New Jersey Common Pension Fund D now owns 31,391 shares of the company’s stock worth $1,750,000 after buying an additional 5,184 shares in the last quarter. Finally, Waverton Investment Management Ltd increased its holdings in shares of Valaris by 20.4% during the third quarter. Waverton Investment Management Ltd now owns 670,885 shares of the company’s stock worth $37,412,000 after buying an additional 113,509 shares in 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.