Valaris (NYSE:VAL) Trading Down 5.1% – Here’s What Happened

Valaris Limited (NYSE:VAL) dropped 5.1% on Wednesday . The stock traded as low as $83.97 and last traded at $83.70. 208,028 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 1,209,068 shares. The stock had previously closed at $88.23.

Wall Street Analysts Forecast Growth

VAL has been the topic of several analyst reports. Weiss Ratings raised Valaris from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Susquehanna boosted their price target on Valaris from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Valaris currently has an average rating of “Reduce” and an average price target of $66.60.

Valaris Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market cap of $5.80 billion, a P/E ratio of 6.23 and a beta of 0.93. The stock’s fifty day moving average price is $82.28 and its two-hundred day moving average price is $88.73.

Valaris (NYSE:VAL) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.41. Valaris had a net margin of 43.95% and a return on equity of 9.25%. The business had revenue of $539.20 million for the quarter, compared to analysts’ expectations of $488.52 million. During the same period last year, the firm posted $1.61 earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts predict that Valaris Limited will post 3.25 earnings per share for the current year.

Institutional Trading of Valaris

Institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in Valaris in the second quarter valued at about $42,000. Harbor Investment Advisory LLC acquired a new position in Valaris during the second quarter worth about $46,000. Parallel Advisors LLC lifted its holdings in shares of Valaris by 33.5% in the first quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $104,000 after acquiring an additional 267 shares during the last quarter. Longview Financial Advisors Inc. bought a new position in shares of Valaris in the first quarter worth about $105,000. Finally, Leonteq Securities AG acquired a new stake in shares of Valaris in the 4th quarter valued at approximately $109,000. 96.74% of the stock is currently owned by institutional investors.

About Valaris

Valaris Limited (NYSE: VAL) is an offshore contract drilling company that provides drilling services to energy companies worldwide. The company supports exploration and production activities in offshore oil and natural gas fields, operating mobile offshore drilling units for customers under contract.

Valaris’ fleet includes drillships, semisubmersible rigs and jackup rigs. These units are designed for a range of offshore environments, from relatively shallow waters to deepwater and harsh-environment locations.