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

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

Other equities analysts have also recently issued reports about the company. Benchmark cut Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Barclays reduced their target price on Valaris from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Susquehanna reduced their target price on Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.83.

Valaris Stock Performance

Shares of NYSE VAL traded up $0.35 during mid-day trading on Wednesday, hitting $46.35. The company had a trading volume of 126,673 shares, compared to its average volume of 1,090,955. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 3.23 and a beta of 1.17. Valaris has a 1 year low of $45.95 and a 1 year high of $84.20. 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 stock’s 50-day moving average price is $51.61 and its 200-day moving average price is $63.40.

Insiders Place Their Bets

In other news, COO Gilles Luca sold 30,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $56.86, for a total value of $1,705,800.00. Following the completion of the sale, the chief operating officer now owns 108,342 shares of the company’s stock, valued at approximately $6,160,326.12. The trade was a 21.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Davor Vukadin sold 15,403 shares of the business’s stock in a transaction dated 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 directly owns 13,334 shares of the company’s stock, valued at approximately $755,237.76. This trade represents a 53.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,403 shares of company stock valued at $4,028,246 over the last 90 days. Insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Valaris

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

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.