Summit Investment Advisors Inc. Decreases Stock Holdings in Valaris Limited (NYSE:VAL)

Summit Investment Advisors Inc. reduced its position in shares of Valaris Limited (NYSE:VAL) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,464 shares of the company’s stock after selling 562 shares during the period. Summit Investment Advisors Inc.’s holdings in Valaris were worth $861,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Valaris by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,454,159 shares of the company’s stock worth $285,532,000 after buying an additional 23,509 shares during the last quarter. Lingotto Investment Management LLP raised its stake in Valaris by 2.5% in the fourth quarter. Lingotto Investment Management LLP now owns 3,637,207 shares of the company’s stock worth $160,910,000 after buying an additional 87,420 shares in the last quarter. Geode Capital Management LLC boosted its position in Valaris by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,519,644 shares of the company’s stock valued at $84,736,000 after acquiring an additional 66,229 shares in the last quarter. Waverton Investment Management Ltd grew its holdings in shares of Valaris by 12.7% during the 4th quarter. Waverton Investment Management Ltd now owns 756,135 shares of the company’s stock worth $33,451,000 after acquiring an additional 85,250 shares during the period. Finally, Norges Bank bought a new position in shares of Valaris in the 4th quarter worth approximately $31,949,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Valaris Trading Up 6.0 %

Shares of NYSE:VAL opened at $31.90 on Friday. Valaris Limited has a 1 year low of $27.15 and a 1 year high of $84.20. The stock’s fifty day moving average price is $37.44 and its 200-day moving average price is $44.19. The company has a market cap of $2.27 billion, a P/E ratio of 6.21 and a beta of 1.06. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.59 and a quick ratio of 1.61.

Valaris (NYSE:VAL) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.68. The firm had revenue of $584.40 million during the quarter, compared to analyst estimates of $578.01 million. Valaris had a net margin of 15.81% and a return on equity of 17.40%. Sell-side analysts expect that Valaris Limited will post 3.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. StockNews.com upgraded Valaris to a “sell” rating in a report on Thursday, February 20th. Barclays lowered their price target on shares of Valaris from $46.00 to $35.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Susquehanna cut their price objective on shares of Valaris from $47.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday. Evercore ISI lowered shares of Valaris from an “outperform” rating to an “in-line” rating and lowered their target price for the company from $87.00 to $59.00 in a report on Wednesday, January 15th. Finally, Citigroup cut their price target on Valaris from $48.00 to $44.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $50.33.

Valaris 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.