Jennison Associates LLC Purchases 4,422 Shares of Valaris Limited (NYSE:VAL)

Jennison Associates LLC boosted its position in Valaris Limited (NYSE:VAL) by 27.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,641 shares of the company’s stock after buying an additional 4,422 shares during the period. Jennison Associates LLC’s holdings in Valaris were worth $913,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VAL. Creative Planning increased its position in Valaris by 114.6% in the 2nd quarter. Creative Planning now owns 8,599 shares of the company’s stock valued at $641,000 after buying an additional 4,592 shares in the last quarter. Systrade AG bought a new stake in Valaris during the 3rd quarter worth approximately $1,123,000. Fermata Advisors LLC increased its holdings in Valaris by 44.5% during the 3rd quarter. Fermata Advisors LLC now owns 4,595 shares of the company’s stock worth $256,000 after purchasing an additional 1,416 shares in the last quarter. NBC Securities Inc. increased its holdings in Valaris by 55.6% during the 3rd quarter. NBC Securities Inc. now owns 12,040 shares of the company’s stock worth $671,000 after purchasing an additional 4,300 shares in the last quarter. Finally, nVerses Capital LLC increased its holdings in Valaris by 47.5% during the 3rd quarter. nVerses Capital LLC now owns 5,900 shares of the company’s stock worth $329,000 after purchasing an additional 1,900 shares in the last quarter. 96.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on Valaris in a report on Friday, December 6th. They set an “underweight” rating and a $40.00 price objective for the company. Barclays reissued an “equal weight” rating and set a $49.00 price objective (down from $59.00) on shares of Valaris in a report on Wednesday, December 18th. Citigroup boosted their price objective on Valaris from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Benchmark lowered Valaris from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Evercore ISI lowered Valaris from an “outperform” rating to an “in-line” rating and decreased their price objective for the stock from $87.00 to $59.00 in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $56.83.

Valaris Price Performance

Shares of NYSE VAL opened at $46.42 on Friday. Valaris Limited has a twelve month low of $39.90 and a twelve month high of $84.20. The stock’s 50 day moving average price is $45.38 and its 200-day moving average price is $53.10. The company has a market capitalization of $3.30 billion, a PE ratio of 3.19 and a beta of 1.10. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51.

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.