Valaris Limited (NYSE:VAL) Shares Bought by State Street Corp

State Street Corp lifted its stake in shares of Valaris Limited (NYSE:VAL) by 4.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,446,006 shares of the company’s stock after purchasing an additional 112,216 shares during the quarter. State Street Corp owned about 3.44% of Valaris worth $136,365,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Quarry LP bought a new position in Valaris during the 3rd quarter worth $25,000. HighTower Advisors LLC grew its position in shares of Valaris by 202.7% during the third quarter. HighTower Advisors LLC now owns 10,490 shares of the company’s stock worth $591,000 after acquiring an additional 7,024 shares during the last quarter. Centiva Capital LP acquired a new stake in shares of Valaris in the 3rd quarter worth about $930,000. ClearAlpha Technologies LP bought a new stake in Valaris in the 3rd quarter valued at about $256,000. Finally, Kestra Investment Management LLC acquired a new position in Valaris during the 3rd quarter valued at about $295,000. Institutional investors own 96.74% of the company’s stock.

Valaris Price Performance

NYSE:VAL opened at $43.57 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The business’s 50-day moving average price is $48.87 and its 200 day moving average price is $60.73. Valaris Limited has a 52-week low of $41.66 and a 52-week high of $84.20. The firm has a market cap of $3.10 billion, a P/E ratio of 2.99 and a beta of 1.09.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Barclays dropped their price target on shares of Valaris from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. JPMorgan Chase & Co. assumed coverage on Valaris in a research report on Friday, December 6th. They issued an “underweight” rating and a $40.00 target price on the stock. Susquehanna cut their target price on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Citigroup cut Valaris from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $58.00 to $47.00 in a research note on Monday, December 9th. Finally, Benchmark cut shares of Valaris from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $66.00.

Insider Transactions at Valaris

In other 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 transaction of $1,450,020.00. Following the sale, the senior vice president now directly owns 24,388 shares of the company’s stock, valued at $1,360,118.76. The trade was a 51.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.12% of the company’s stock.

Valaris 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.