Drive Wealth Management LLC Acquires 1,893 Shares of Valaris Limited (NYSE:VAL)

Drive Wealth Management LLC lifted its holdings in shares of Valaris Limited (NYSE:VAL) by 26.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,054 shares of the company’s stock after purchasing an additional 1,893 shares during the period. Drive Wealth Management LLC’s holdings in Valaris were worth $401,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Deane Retirement Strategies Inc. grew its stake in Valaris by 0.6% in the third quarter. Deane Retirement Strategies Inc. now owns 40,504 shares of the company’s stock worth $2,259,000 after purchasing an additional 251 shares during the period. The Manufacturers Life Insurance Company grew its stake in Valaris by 0.6% in the second quarter. The Manufacturers Life Insurance Company now owns 73,525 shares of the company’s stock worth $5,478,000 after purchasing an additional 427 shares during the period. Quarry LP purchased a new stake in Valaris in the third quarter worth $25,000. Saturna Capital Corp grew its stake in Valaris by 4.8% in the third quarter. Saturna Capital Corp now owns 13,290 shares of the company’s stock worth $741,000 after purchasing an additional 604 shares during the period. Finally, Thrivent Financial for Lutherans grew its stake in Valaris by 4.0% in the third quarter. Thrivent Financial for Lutherans now owns 15,651 shares of the company’s stock worth $873,000 after purchasing an additional 604 shares during the period. Institutional investors own 96.74% of the company’s stock.

Wall Street Analyst Weigh In

VAL has been the topic of several recent research reports. Citigroup cut Valaris from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $58.00 to $47.00 in a research note on Monday, December 9th. Barclays reaffirmed an “equal weight” rating and issued a $49.00 price target (down from $59.00) on shares of Valaris in a research note on Wednesday, December 18th. Susquehanna cut their target price on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Evercore ISI downgraded Valaris from an “outperform” rating to an “in-line” rating and reduced their price target for the company from $87.00 to $59.00 in a report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. began coverage on Valaris in a report on Friday, December 6th. They set an “underweight” rating and a $40.00 price target for the company. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, Valaris has a consensus rating of “Hold” and an average target price of $56.67.

Valaris Price Performance

NYSE VAL opened at $48.65 on Tuesday. Valaris Limited has a one year low of $39.90 and a one year high of $84.20. The stock has a 50-day moving average of $45.30 and a 200 day moving average of $54.62. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 3.34 and a beta of 1.10. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61.

Valaris (NYSE:VAL) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.48). Valaris had a return on equity of 13.67% and a net margin of 47.52%. The business had revenue of $643.10 million during the quarter, compared to the consensus estimate of $588.00 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. On average, sell-side analysts forecast that Valaris Limited will post 4.59 EPS for the current year.

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.