Valaris (NYSE:VAL) Reaches New 12-Month Low – Here’s Why

Valaris Limited (NYSE:VAL) hit a new 52-week low during trading on Monday . The company traded as low as $47.87 and last traded at $47.91, with a volume of 325018 shares changing hands. The stock had previously closed at $48.51.

Analysts Set New Price Targets

Several research analysts have recently weighed in on VAL shares. Susquehanna lowered their target price on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Barclays cut their target price on Valaris from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Benchmark cut shares of Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Finally, Citigroup cut their price objective on shares of Valaris from $95.00 to $71.00 and set a “buy” rating for the company in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Valaris presently has a consensus rating of “Hold” and a consensus target price of $80.00.

Valaris Price Performance

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 $3.36 billion, a price-to-earnings ratio of 3.19 and a beta of 1.17. The company has a 50 day moving average of $52.36 and a 200 day moving average of $64.29.

Insider Activity at Valaris

In related news, SVP Davor Vukadin sold 15,403 shares of Valaris stock in a transaction on Monday, September 9th. The shares were sold at an average price of $56.64, for a total value of $872,425.92. Following the completion of the sale, the senior vice president now owns 13,334 shares of the company’s stock, valued at approximately $755,237.76. The trade was a 53.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Matthew Lyne sold 26,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $55.77, for a total value of $1,450,020.00. Following the sale, the senior vice president now owns 24,388 shares of the company’s stock, valued at approximately $1,360,118.76. This trade represents a 51.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,403 shares of company stock valued at $4,028,246. Corporate insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Valaris

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Valaris in the 2nd quarter valued at $28,884,000. Dimensional Fund Advisors LP grew its holdings in Valaris by 23.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,188,973 shares of the company’s stock worth $88,573,000 after acquiring an additional 225,283 shares during the period. Condire Management LP raised its position in shares of Valaris by 14.7% during the 1st quarter. Condire Management LP now owns 1,452,097 shares of the company’s stock valued at $109,285,000 after acquiring an additional 186,076 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Valaris by 338.5% in the 2nd 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 last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Valaris during the 2nd quarter worth about $13,306,000. 96.74% of the stock is currently owned by institutional investors.

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.