Valaris Limited (NYSE:VAL) Holdings Boosted by State Street Corp

State Street Corp grew its holdings in Valaris Limited (NYSE:VAL) by 4.8% in the third quarter, Holdings Channel.com reports. The firm owned 2,446,006 shares of the company’s stock after purchasing an additional 112,216 shares during the period. State Street Corp’s holdings in Valaris were worth $136,365,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Valaris in the 2nd quarter worth approximately $28,884,000. Dimensional Fund Advisors LP increased its stake in shares of Valaris by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,188,973 shares of the company’s stock worth $88,573,000 after acquiring an additional 225,283 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Valaris by 338.5% during the second quarter. AQR Capital Management LLC now owns 236,379 shares of the company’s stock worth $17,426,000 after acquiring an additional 182,467 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Valaris during the second quarter valued at $13,306,000. Finally, Herr Investment Group LLC grew its stake in Valaris by 123.3% in the second quarter. Herr Investment Group LLC now owns 235,822 shares of the company’s stock valued at $17,569,000 after purchasing an additional 130,236 shares in the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Valaris Stock Performance

Valaris stock opened at $43.57 on Friday. The firm has a market capitalization of $3.10 billion, a P/E ratio of 2.99 and a beta of 1.09. The stock has a fifty day moving average price of $48.87 and a two-hundred day moving average price of $60.73. Valaris Limited has a 52-week low of $41.66 and a 52-week high of $84.20. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.61.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on VAL. JPMorgan Chase & Co. began coverage on Valaris in a report on Friday, December 6th. They set an “underweight” rating and a $40.00 price target for the company. Susquehanna decreased 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. 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 report on Tuesday, November 5th. Benchmark lowered Valaris from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Citigroup lowered Valaris from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $58.00 to $47.00 in a report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $66.00.

Insider Transactions at Valaris

In related news, SVP Matthew Lyne sold 26,000 shares of the firm’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 completion of the sale, the senior vice president now directly owns 24,388 shares of the company’s stock, valued at $1,360,118.76. This trade represents a 51.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.12% of the stock is owned by insiders.

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.