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

Valaris (NYSE:VAL) had its price target lowered by Citigroup from $71.00 to $58.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on VAL. Benchmark cut shares of Valaris from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Barclays dropped their price objective 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, Susquehanna decreased their target price on shares of Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $77.83.

Valaris Stock Down 0.9 %

Shares of NYSE:VAL opened at $45.57 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61. Valaris has a 1-year low of $45.42 and a 1-year high of $84.20. The company’s fifty day moving average is $51.41 and its two-hundred day moving average is $63.28. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 3.13 and a beta of 1.17.

Insider Buying and Selling at Valaris

In other news, SVP Davor Vukadin sold 15,403 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $56.64, for a total value of $872,425.92. Following the completion of the sale, the senior vice president now directly owns 13,334 shares of the company’s stock, valued at $755,237.76. This represents a 53.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Gilles Luca sold 30,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $56.86, for a total transaction of $1,705,800.00. Following the completion of the sale, the chief operating officer now directly owns 108,342 shares of the company’s stock, valued at $6,160,326.12. This trade represents a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,403 shares of company stock valued at $4,028,246. 0.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Valaris

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lingotto Investment Management LLP grew its stake in shares of Valaris by 1.2% in the second quarter. Lingotto Investment Management LLP now owns 3,040,610 shares of the company’s stock worth $226,525,000 after acquiring an additional 36,870 shares during the last quarter. State Street Corp lifted its position in Valaris by 4.8% during the 3rd quarter. State Street Corp now owns 2,446,006 shares of the company’s stock worth $136,365,000 after buying an additional 112,216 shares in the last quarter. Marshall Wace LLP lifted its position in Valaris by 5.9% during the 2nd quarter. Marshall Wace LLP now owns 1,882,846 shares of the company’s stock worth $140,272,000 after buying an additional 105,330 shares in the last quarter. Geode Capital Management LLC lifted its position in Valaris by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,519,644 shares of the company’s stock valued at $84,736,000 after purchasing an additional 66,229 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Valaris by 23.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,188,973 shares of the company’s stock valued at $88,573,000 after purchasing an additional 225,283 shares during the period. 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.