Coronation Fund Managers Ltd. Trims Stock Position in Valaris Limited (NYSE:VAL)

Coronation Fund Managers Ltd. reduced its stake in shares of Valaris Limited (NYSE:VAL) by 88.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,903 shares of the company’s stock after selling 187,460 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Valaris were worth $1,799,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in VAL. Spire Wealth Management purchased a new position in Valaris during the 4th quarter valued at $101,000. Assetmark Inc. raised its position in Valaris by 88.3% in the 4th quarter. Assetmark Inc. now owns 1,747 shares of the company’s stock worth $120,000 after buying an additional 819 shares during the last quarter. SG Americas Securities LLC raised its position in Valaris by 19.6% in the 4th quarter. SG Americas Securities LLC now owns 2,112 shares of the company’s stock worth $145,000 after buying an additional 346 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in Valaris in the 3rd quarter worth about $211,000. Finally, Seven Eight Capital LP purchased a new position in Valaris in the 3rd quarter worth about $250,000. 96.74% of the stock is owned by hedge funds and other institutional investors.

Valaris Price Performance

VAL stock traded up $0.48 during midday trading on Wednesday, hitting $72.91. The company’s stock had a trading volume of 401,425 shares, compared to its average volume of 923,321. Valaris Limited has a 12 month low of $60.06 and a 12 month high of $78.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of 6.29 and a beta of 1.21. The company has a 50 day moving average of $73.37 and a two-hundred day moving average of $69.94.

Valaris (NYSE:VAL) last posted its earnings results on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). The firm had revenue of $525.00 million for the quarter, compared to the consensus estimate of $503.00 million. Valaris had a net margin of 44.93% and a return on equity of 3.81%. On average, analysts expect that Valaris Limited will post 4.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. StockNews.com raised Valaris to a “sell” rating in a research report on Friday, April 26th. Barclays reduced their price target on shares of Valaris from $102.00 to $98.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Finally, Benchmark reissued a “buy” rating and issued a $90.00 target price on shares of Valaris in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Valaris has a consensus rating of “Moderate Buy” and an average target price of $99.20.

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.