Citigroup Has Lowered Expectations for Valaris (NYSE:VAL) Stock Price

Valaris (NYSE:VAL) had its price target dropped by investment analysts at Citigroup from $71.00 to $58.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 25.13% from the company’s current price.

Other analysts also recently issued research reports about the company. Benchmark downgraded Valaris from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Susquehanna cut their price target on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Finally, Barclays cut their price target on Valaris from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Valaris currently has an average rating of “Hold” and an average target price of $77.83.

Valaris Stock Up 0.8 %

Shares of VAL stock traded up $0.35 during midday trading on Wednesday, reaching $46.35. 126,673 shares of the stock were exchanged, compared to its average volume of 1,090,955. Valaris has a 1 year low of $45.95 and a 1 year high of $84.20. The company’s 50 day moving average is $51.61 and its two-hundred day moving average is $63.40. 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 firm has a market cap of $3.30 billion, a PE ratio of 3.23 and a beta of 1.17.

Insider Buying and Selling at Valaris

In other news, SVP Matthew Lyne sold 26,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.77, for a total transaction of $1,450,020.00. Following the transaction, the senior vice president now directly owns 24,388 shares of the company’s stock, valued at $1,360,118.76. This represents a 51.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Davor Vukadin sold 15,403 shares of the 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 transaction, the senior vice president now directly owns 13,334 shares in the company, valued at $755,237.76. The trade was a 53.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,403 shares of company stock worth $4,028,246. Insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Valaris

Several hedge funds and other institutional investors have recently modified their holdings of VAL. Quarry LP bought a new position in Valaris in the 3rd quarter worth $25,000. EverSource Wealth Advisors LLC raised its holdings in Valaris by 180.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock worth $27,000 after purchasing an additional 235 shares during the period. Choreo LLC bought a new position in Valaris in the 2nd quarter worth $204,000. Evergreen Capital Management LLC bought a new position in Valaris in the 2nd quarter worth $204,000. Finally, Scientech Research LLC bought a new position in Valaris in the 2nd quarter worth $211,000. 96.74% of the stock is owned by institutional investors.

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.