Geode Capital Management LLC Purchases 66,229 Shares of Valaris Limited (NYSE:VAL)

Geode Capital Management LLC raised its holdings in Valaris Limited (NYSE:VAL - Free Report) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,519,644 shares of the company's stock after purchasing an additional 66,229 shares during the period. Geode Capital Management LLC owned 2.14% of Valaris worth $84,736,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of VAL. Quarry LP purchased a new stake in Valaris during the 3rd quarter worth about $25,000. Choreo LLC bought a new stake in shares of Valaris during the second quarter valued at about $204,000. Evergreen Capital Management LLC purchased a new stake in shares of Valaris in the second quarter worth about $204,000. Scientech Research LLC bought a new position in shares of Valaris in the second quarter valued at approximately $211,000. Finally, SkyView Investment Advisors LLC purchased a new position in Valaris during the second quarter valued at approximately $224,000. Institutional investors own 96.74% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Benchmark cut shares of Valaris from a "buy" rating to a "hold" rating in a research note on Tuesday, October 15th. Barclays reiterated an "equal weight" rating and issued a $49.00 price objective (down previously from $59.00) on shares of Valaris in a research report on Wednesday. Susquehanna reduced their target price on Valaris from $61.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, November 1st. JPMorgan Chase & Co. began coverage on Valaris in a report on Friday, December 6th. They issued an "underweight" rating and a $40.00 price target on the stock. Finally, Citigroup downgraded Valaris from a "buy" rating to a "neutral" rating and dropped their price target for the company from $58.00 to $47.00 in a research report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $64.33.

Insiders Place Their Bets

In related news, SVP Matthew Lyne sold 26,000 shares of the stock in a transaction dated 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 in the company, valued at $1,360,118.76. This represents a 51.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.12% of the company's stock.

Valaris Price Performance

NYSE:VAL traded up $0.30 during mid-day trading on Friday, reaching $41.22. The stock had a trading volume of 2,562,532 shares, compared to its average volume of 1,138,226. The stock has a market capitalization of $2.93 billion, a P/E ratio of 2.83 and a beta of 1.09. The firm has a 50 day moving average price of $47.69 and a two-hundred day moving average price of $59.67. 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 Limited has a one year low of $40.41 and a one year high of $84.20.

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.