Valaris (NYSE:VAL) Lowered to Neutral Rating by Citigroup

Valaris (NYSE:VAL) was downgraded by stock analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $47.00 price target on the stock, down from their previous price target of $58.00. Citigroup’s price objective suggests a potential upside of 11.96% from the company’s current price.

VAL has been the subject of several other reports. Susquehanna cut their price target on Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. JPMorgan Chase & Co. assumed coverage on Valaris in a research report on Friday. They set an “underweight” rating and a $40.00 target price for the company. Benchmark lowered Valaris from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Barclays dropped their price target on Valaris from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Valaris has a consensus rating of “Hold” and a consensus price target of $66.00.

Valaris Price Performance

Shares of Valaris stock opened at $41.98 on Monday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 2.88 and a beta of 1.09. Valaris has a twelve month low of $41.66 and a twelve month high of $84.20. The company has a 50-day simple moving average of $49.97 and a two-hundred day simple moving average of $61.66.

Insider Buying and Selling

In related news, SVP Matthew Lyne sold 26,000 shares of the firm’s stock in a transaction 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 sale, the senior vice president now owns 24,388 shares of the company’s stock, valued at $1,360,118.76. This trade represents a 51.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.12% of the stock is owned by corporate insiders.

Institutional Trading of Valaris

Hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Valaris in the 2nd quarter valued at approximately $28,884,000. Dimensional Fund Advisors LP raised its stake in shares of Valaris by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,188,973 shares of the company’s stock valued at $88,573,000 after acquiring an additional 225,283 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Valaris by 338.5% during the second quarter. AQR Capital Management LLC now owns 236,379 shares of the company’s stock worth $17,426,000 after purchasing an additional 182,467 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Valaris in the second quarter worth $13,306,000. Finally, Herr Investment Group LLC increased its holdings in Valaris by 123.3% in the second quarter. Herr Investment Group LLC now owns 235,822 shares of the company’s stock valued at $17,569,000 after purchasing an additional 130,236 shares during the period. 96.74% of the stock is owned by institutional investors and hedge funds.

Valaris Company 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.