Citigroup Issues Pessimistic Forecast for Valaris (NYSE:VAL) Stock Price

Valaris (NYSE:VAL) had its target price trimmed by Citigroup from $71.00 to $58.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Barclays dropped their price target on shares of Valaris from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Benchmark lowered shares of Valaris from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Susquehanna decreased their price target on Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $73.40.

Valaris Price Performance

Shares of VAL opened at $46.20 on Wednesday. The business has a 50-day moving average of $51.02 and a 200-day moving average of $62.96. Valaris has a 1 year low of $45.42 and a 1 year high of $84.20. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 3.17 and a beta of 1.17. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.61.

Insider Buying and Selling

In other 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 transaction of $1,450,020.00. Following the completion of the sale, the senior vice president now owns 24,388 shares in the company, valued at $1,360,118.76. The trade was a 51.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Gilles Luca sold 30,000 shares of the stock in a transaction on Monday, September 9th. The stock was 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 in the company, valued at approximately $6,160,326.12. This represents a 21.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,403 shares of company stock valued at $4,028,246 over the last ninety days. 0.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in Valaris by 180.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock valued at $27,000 after acquiring an additional 235 shares in the last quarter. Quarry LP bought a new position in shares of Valaris in the third quarter valued at approximately $25,000. Evergreen Capital Management LLC bought a new position in shares of Valaris in the second quarter valued at approximately $204,000. Choreo LLC purchased a new position in shares of Valaris during the second quarter valued at approximately $204,000. Finally, Scientech Research LLC purchased a new stake in Valaris in the 2nd quarter valued at $211,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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.