Valaris (NYSE:VAL) Downgraded to In-Line Rating by Evercore ISI

Valaris (NYSE:VAL) was downgraded by investment analysts at Evercore ISI from an “outperform” rating to an “in-line” rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have a $59.00 price target on the stock, down from their prior price target of $87.00. Evercore ISI’s price target suggests a potential upside of 21.65% from the stock’s previous close.

Several other analysts also recently issued reports on VAL. Susquehanna lowered their price objective 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. Barclays reaffirmed an “equal weight” rating and set a $49.00 price target (down from $59.00) on shares of Valaris in a report on Wednesday, December 18th. Citigroup cut shares of Valaris from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $58.00 to $47.00 in a research report on Monday, December 9th. Benchmark lowered Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. began coverage on Valaris in a report on Friday, December 6th. They issued an “underweight” rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $56.67.

Valaris Stock Up 4.7 %

Shares of NYSE VAL opened at $48.50 on Wednesday. The stock has a fifty day moving average price of $45.59 and a 200 day moving average price of $55.99. The company has a market cap of $3.45 billion, a P/E ratio of 3.33 and a beta of 1.10. Valaris has a 12-month low of $39.90 and a 12-month high of $84.20. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of VAL. Victory Capital Management Inc. raised its position in shares of Valaris by 5.0% during the 2nd quarter. Victory Capital Management Inc. now owns 5,080 shares of the company’s stock valued at $378,000 after acquiring an additional 243 shares in the last quarter. Choreo LLC acquired a new position in shares of Valaris in the 2nd quarter valued at about $204,000. Dimensional Fund Advisors LP grew its position in shares of 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 buying an additional 225,283 shares during the last quarter. Lingotto Investment Management LLP grew its position in shares of Valaris by 1.2% during the 2nd quarter. Lingotto Investment Management LLP now owns 3,040,610 shares of the company’s stock valued at $226,525,000 after buying an additional 36,870 shares during the last quarter. Finally, Oslo Asset Management AS raised its stake in Valaris by 17.4% during the second quarter. Oslo Asset Management AS now owns 158,545 shares of the company’s stock worth $11,812,000 after acquiring an additional 23,545 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.