JPMorgan Chase & Co. Begins Coverage on Valaris (NYSE:VAL)

JPMorgan Chase & Co. initiated coverage on shares of Valaris (NYSE:VAL) in a research note issued to investors on Friday, MarketBeat reports. The brokerage issued an underweight rating and a $40.00 price target on the stock.

Several other research firms have also recently commented on VAL. Citigroup cut their price target on Valaris from $71.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Barclays cut their target price on Valaris from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Susquehanna dropped their price objective on shares of Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Finally, Benchmark cut shares of Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $67.83.

Valaris Stock Performance

NYSE:VAL opened at $41.98 on Friday. The company has a market cap of $2.99 billion, a P/E ratio of 2.88 and a beta of 1.09. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. Valaris has a twelve month low of $41.66 and a twelve month high of $84.20. The company’s 50-day moving average price is $49.97 and its 200-day moving average price is $61.76.

Insider Activity

In related news, 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 sale, the senior vice president now owns 24,388 shares in the company, valued at approximately $1,360,118.76. The trade was a 51.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Valaris

Several institutional investors have recently bought and sold shares of VAL. Centiva Capital LP purchased a new position in Valaris in the 3rd quarter valued at approximately $930,000. Diversify Advisory Services LLC boosted its holdings in Valaris by 14.8% in the third quarter. Diversify Advisory Services LLC now owns 137,572 shares of the company’s stock valued at $7,670,000 after purchasing an additional 17,690 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Valaris during the 2nd quarter worth $3,652,000. Waverton Investment Management Ltd increased its holdings in Valaris by 20.4% during the 3rd quarter. Waverton Investment Management Ltd now owns 670,885 shares of the company’s stock worth $37,412,000 after purchasing an additional 113,509 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in Valaris by 19.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 31,391 shares of the company’s stock valued at $1,750,000 after purchasing an additional 5,184 shares in the last quarter. 96.74% of the stock is owned by institutional investors and hedge funds.

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.