Norges Bank Purchases New Shares in Valaris Limited (NYSE:VAL)

Norges Bank acquired a new stake in Valaris Limited (NYSE:VAL - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 722,172 shares of the company's stock, valued at approximately $31,949,000. Norges Bank owned 1.02% of Valaris as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in Valaris in the third quarter worth approximately $25,000. Signaturefd LLC boosted its holdings in Valaris by 395.0% in the 4th quarter. Signaturefd LLC now owns 1,475 shares of the company's stock valued at $65,000 after purchasing an additional 1,177 shares during the period. Blue Trust Inc. raised its stake in shares of Valaris by 41.0% in the 4th quarter. Blue Trust Inc. now owns 1,758 shares of the company's stock valued at $78,000 after buying an additional 511 shares in the last quarter. KBC Group NV increased its position in shares of Valaris by 63.3% during the 4th quarter. KBC Group NV now owns 2,929 shares of the company's stock worth $130,000 after purchasing an additional 1,135 shares in the last quarter. Finally, Spire Wealth Management increased its position in shares of Valaris by 24.3% during the 4th quarter. Spire Wealth Management now owns 4,206 shares of the company's stock worth $186,000 after purchasing an additional 821 shares in the last quarter. Institutional investors and hedge funds own 96.74% of the company's stock.

Valaris Price Performance

VAL traded down $2.53 on Thursday, hitting $30.75. 768,945 shares of the stock were exchanged, compared to its average volume of 1,426,658. Valaris Limited has a 12 month low of $27.15 and a 12 month high of $84.20. The business has a 50-day moving average of $39.38 and a two-hundred day moving average of $45.14. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.59 and a quick ratio of 1.61. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 5.98 and a beta of 1.06.

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Valaris (NYSE:VAL - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.20 by $0.68. The firm had revenue of $584.40 million during the quarter, compared to the consensus estimate of $578.01 million. Valaris had a return on equity of 17.40% and a net margin of 15.81%. Sell-side analysts forecast that Valaris Limited will post 3.96 EPS for the current fiscal year.

Analyst Ratings Changes

VAL has been the subject of several research reports. Susquehanna lowered their price objective on shares of Valaris from $50.00 to $47.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. StockNews.com raised shares of Valaris to a "sell" rating in a research note on Thursday, February 20th. Citigroup dropped their target price on shares of Valaris from $48.00 to $44.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Evercore ISI downgraded shares of Valaris from an "outperform" rating to an "in-line" rating and dropped their target price for the stock from $87.00 to $59.00 in a report on Wednesday, January 15th. Finally, Barclays lowered their target price on shares of Valaris from $46.00 to $35.00 and set an "equal weight" rating on the stock in a report on Monday. Two analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, Valaris presently has an average rating of "Hold" and a consensus target price of $52.50.

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.