State of Michigan Retirement System Sells 400 Shares of Valaris Limited (NYSE:VAL)

State of Michigan Retirement System lessened its stake in Valaris Limited (NYSE:VAL) by 2.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,000 shares of the company’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Valaris were worth $1,118,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VAL. Bank of New York Mellon Corp lifted its stake in Valaris by 5.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 586,228 shares of the company’s stock worth $43,674,000 after purchasing an additional 29,128 shares in the last quarter. World Equity Group Inc. increased its holdings in shares of Valaris by 1.9% in the second quarter. World Equity Group Inc. now owns 12,827 shares of the company’s stock worth $956,000 after purchasing an additional 238 shares during the last quarter. Fermata Advisors LLC bought a new position in Valaris during the second quarter valued at approximately $237,000. Diversify Advisory Services LLC boosted its stake in Valaris by 1.1% during the second quarter. Diversify Advisory Services LLC now owns 119,882 shares of the company’s stock valued at $8,683,000 after buying an additional 1,303 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Valaris by 112.6% during the 2nd quarter. SG Americas Securities LLC now owns 35,885 shares of the company’s stock valued at $2,673,000 after buying an additional 19,004 shares in the last quarter. Institutional investors own 96.74% of the company’s stock.

Valaris Stock Up 0.6 %

Shares of VAL opened at $60.45 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average of $70.60 and a 200 day moving average of $70.78. The company has a market cap of $4.40 billion, a PE ratio of 5.29 and a beta of 1.21. Valaris Limited has a 52-week low of $59.39 and a 52-week high of $84.20.

Valaris (NYSE:VAL) last released its quarterly earnings results on Wednesday, July 31st. The company reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $1.07. The firm had revenue of $610.10 million during the quarter, compared to analysts’ expectations of $545.00 million. Valaris had a net margin of 49.33% and a return on equity of 12.58%. On average, sell-side analysts expect that Valaris Limited will post 4.37 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on VAL shares. Barclays lowered their target price on Valaris from $98.00 to $91.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Benchmark reiterated a “buy” rating and set a $90.00 price objective on shares of Valaris in a research report on Monday, August 5th. Finally, Pickering Energy Partners downgraded shares of Valaris from an “outperform” rating to a “neutral” rating in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.80.

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.