Prelude Capital Management LLC purchased a new position in Valaris Limited (NYSE:VAL – Get Rating) in the third quarter, Holdings Channel reports. The fund purchased 7,345 shares of the company’s stock, valued at approximately $359,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in VAL. Amalgamated Bank raised its holdings in shares of Valaris by 2.4% in the 3rd quarter. Amalgamated Bank now owns 9,858 shares of the company’s stock valued at $482,000 after purchasing an additional 233 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Valaris by 80.9% in the third quarter. Nisa Investment Advisors LLC now owns 995 shares of the company’s stock valued at $66,000 after buying an additional 445 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Valaris in the third quarter valued at $29,000. Legal & General Group Plc lifted its holdings in Valaris by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 43,415 shares of the company’s stock worth $1,834,000 after buying an additional 768 shares during the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in shares of Valaris during the 1st quarter worth about $52,000. Institutional investors and hedge funds own 82.55% of the company’s stock.
Insiders Place Their Bets
In other news, major shareholder Hill Advisors Lp Oak sold 158,632 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $76.39, for a total value of $12,117,898.48. Following the completion of the sale, the insider now directly owns 9,254,190 shares of the company’s stock, valued at $706,927,574.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.
Valaris Stock Down 0.9 %
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on VAL shares. BTIG Research boosted their target price on Valaris from $80.00 to $90.00 in a research note on Wednesday, January 25th. Barclays cut their price objective on shares of Valaris from $88.00 to $82.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 22nd. Finally, Benchmark started coverage on shares of Valaris in a report on Thursday, January 19th. They issued a “buy” rating and a $95.00 target price for the company.
Valaris Limited provides offshore contract drilling services to the international oil and gas industry. The company owns an offshore drilling rig fleet of 56 rigs, which include 11 drillships, 4 dynamically positioned semisubmersible rigs, 1 moored semisubmersible rig, and 40 jackup rigs. It serves international, government-owned, and independent oil and gas companies in the Gulf of Mexico, the North Sea, the Middle East, West Africa, Australia, and Southeast Asia.
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