Jennison Associates LLC Makes New Investment in Valaris Limited (NYSE:VAL)

Jennison Associates LLC bought a new position in Valaris Limited (NYSE:VAL - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm bought 16,219 shares of the company's stock, valued at approximately $904,000.

Other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Valaris by 180.8% during the first quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company's stock worth $27,000 after buying an additional 235 shares during the period. Evergreen Capital Management LLC purchased a new position in Valaris in the 2nd quarter worth $204,000. Choreo LLC acquired a new stake in Valaris during the 2nd quarter worth about $204,000. Scientech Research LLC purchased a new stake in Valaris during the 2nd quarter valued at about $211,000. Finally, SkyView Investment Advisors LLC acquired a new position in shares of Valaris in the second quarter valued at about $224,000. Hedge funds and other institutional investors own 96.74% of the company's stock.

Insiders Place Their Bets

In other news, COO Gilles Luca sold 30,000 shares of the company's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $56.86, for a total value of $1,705,800.00. Following the transaction, the chief operating officer now owns 108,342 shares of the company's stock, valued at $6,160,326.12. This represents a 21.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Matthew Lyne sold 26,000 shares of the firm's stock in a transaction dated 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 sale, the senior vice president now directly owns 24,388 shares of the company's stock, valued at $1,360,118.76. The trade was a 51.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,403 shares of company stock valued at $4,028,246 over the last ninety days. Company insiders own 0.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on VAL shares. Susquehanna dropped their target price on Valaris from $61.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, November 1st. Benchmark cut shares of Valaris from a "buy" rating to a "hold" rating in a report on Tuesday, October 15th. Citigroup lowered their price target on shares of Valaris from $95.00 to $71.00 and set a "buy" rating on the stock in a report on Thursday, September 12th. Finally, Barclays decreased their price objective on Valaris from $61.00 to $59.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $80.00.

Valaris Trading Up 3.6 %

Shares of NYSE VAL traded up $1.70 during trading on Friday, hitting $49.39. 1,525,921 shares of the company were exchanged, compared to its average volume of 1,868,225. The company has a fifty day moving average price of $51.98 and a 200-day moving average price of $63.85. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $3.51 billion, a PE ratio of 3.39 and a beta of 1.17. Valaris Limited has a 12-month low of $46.03 and a 12-month high of $84.20.

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.