Valaris (NYSE:VAL) Issues Earnings Results

Valaris (NYSE:VAL) posted its quarterly earnings data on Wednesday. The company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.68, Zacks reports. Valaris had a net margin of 47.52% and a return on equity of 13.67%.

Valaris Price Performance

Shares of NYSE VAL traded down $2.14 during mid-day trading on Wednesday, reaching $42.66. The company’s stock had a trading volume of 2,230,557 shares, compared to its average volume of 1,513,274. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61. Valaris has a 1-year low of $39.90 and a 1-year high of $84.20. The stock has a 50-day moving average of $45.51 and a two-hundred day moving average of $50.96. The stock has a market capitalization of $3.03 billion, a P/E ratio of 2.93 and a beta of 1.10.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VAL. JPMorgan Chase & Co. began coverage on shares of Valaris in a research report on Friday, December 6th. They set an “underweight” rating and a $40.00 price objective for the company. Citigroup upped their price objective on shares of Valaris from $47.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. Evercore ISI cut shares of Valaris from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $87.00 to $59.00 in a research report on Wednesday, January 15th. Susquehanna reduced their target price on shares of Valaris from $61.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Finally, Barclays reiterated an “equal weight” rating and issued a $49.00 target price (down from $59.00) on shares of Valaris in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $56.83.

Valaris Company 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.