Drive Wealth Management LLC Takes $399,000 Position in Valaris Limited (NYSE:VAL)

Drive Wealth Management LLC purchased a new stake in shares of Valaris Limited (NYSE:VAL) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,161 shares of the company’s stock, valued at approximately $399,000.

Other hedge funds also recently bought and sold shares of the company. Clearbridge Investments LLC raised its position in Valaris by 2.3% during the first quarter. Clearbridge Investments LLC now owns 232,070 shares of the company’s stock valued at $17,466,000 after purchasing an additional 5,173 shares during the period. Natixis purchased a new stake in Valaris during the 1st quarter valued at $730,000. Price T Rowe Associates Inc. MD boosted its stake in Valaris by 6.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,656 shares of the company’s stock worth $2,609,000 after buying an additional 2,005 shares during the period. Public Employees Retirement Association of Colorado purchased a new position in Valaris during the first quarter worth $418,000. Finally, Condire Management LP increased its position in Valaris by 14.7% during the first 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. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Wall Street Analyst Weigh In

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

Valaris Price Performance

VAL opened at $48.30 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. The business’s fifty day simple moving average is $52.53 and its 200-day simple moving average is $64.44. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 3.32 and a beta of 1.17. Valaris Limited has a 12-month low of $47.87 and a 12-month high of $84.20.

Insiders Place Their Bets

In other news, SVP Davor Vukadin sold 15,403 shares of Valaris stock in a transaction on Monday, September 9th. The stock was sold at an average price of $56.64, for a total value of $872,425.92. Following the transaction, the senior vice president now directly owns 13,334 shares in the company, valued at approximately $755,237.76. This trade represents a 53.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Matthew Lyne sold 26,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the senior vice president now directly owns 24,388 shares of the company’s stock, valued at approximately $1,360,118.76. The trade was a 51.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,403 shares of company stock worth $4,028,246 in the last three months. Corporate insiders own 0.12% of the company’s stock.

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.