Jennison Associates LLC Purchases Shares of 16,219 Valaris Limited (NYSE:VAL)

Jennison Associates LLC acquired a new position in shares of Valaris Limited (NYSE:VAL) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 16,219 shares of the company’s stock, valued at approximately $904,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its position in Valaris by 180.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock worth $27,000 after acquiring an additional 235 shares during the period. Choreo LLC bought a new position in Valaris in the 2nd quarter valued at about $204,000. Evergreen Capital Management LLC acquired a new position in Valaris during the 2nd quarter valued at about $204,000. Scientech Research LLC bought a new stake in shares of Valaris during the 2nd quarter worth about $211,000. Finally, SkyView Investment Advisors LLC acquired a new stake in shares of Valaris in the 2nd quarter worth approximately $224,000. 96.74% of the stock is owned by institutional investors.

Valaris Stock Up 3.6 %

Shares of Valaris stock opened at $49.39 on Friday. Valaris Limited has a 12-month low of $46.03 and a 12-month high of $84.20. The firm has a market capitalization of $3.51 billion, a PE ratio of 3.39 and a beta of 1.17. 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 stock’s fifty day moving average is $51.98 and its 200-day moving average is $63.85.

Insider Buying and Selling

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 value of $1,450,020.00. Following the completion of the sale, the senior vice president now owns 24,388 shares in the company, valued at $1,360,118.76. This represents a 51.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Davor Vukadin sold 15,403 shares of Valaris 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 owns 13,334 shares in the company, valued at $755,237.76. This represents a 53.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,403 shares of company stock valued at $4,028,246. 0.12% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Barclays lowered their price objective 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. Benchmark cut Valaris from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Citigroup cut their price objective on Valaris from $95.00 to $71.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Finally, Susquehanna lowered their target price on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. 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 stock. According to MarketBeat.com, Valaris has an average rating of “Hold” and a consensus price target of $80.00.

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.