Valaris Limited (NYSE:VAL) Stake Lifted by State Street Corp

State Street Corp lifted its holdings in shares of Valaris Limited (NYSE:VAL - Free Report) by 4.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,446,006 shares of the company's stock after purchasing an additional 112,216 shares during the period. State Street Corp owned about 3.44% of Valaris worth $136,365,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Valaris in the 2nd quarter valued at about $28,884,000. Dimensional Fund Advisors LP increased its stake in Valaris by 23.4% during 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% in the 2nd quarter. AQR Capital Management LLC now owns 236,379 shares of the company's stock worth $17,426,000 after purchasing an additional 182,467 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Valaris in the 2nd quarter valued at about $13,306,000. Finally, Herr Investment Group LLC grew its holdings in shares of Valaris by 123.3% during the 2nd quarter. Herr Investment Group LLC now owns 235,822 shares of the company's stock worth $17,569,000 after purchasing an additional 130,236 shares during the period. 96.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Valaris

In other news, SVP Matthew Lyne sold 26,000 shares of the company's stock in a transaction dated Monday, September 30th. The shares were 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 owns 24,388 shares in the company, valued at approximately $1,360,118.76. This represents a 51.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.12% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on VAL. Barclays reduced 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. Susquehanna decreased their price target on shares of Valaris from $61.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, November 1st. Citigroup downgraded Valaris from a "buy" rating to a "neutral" rating and lowered their price target for the company from $58.00 to $47.00 in a report on Monday, December 9th. JPMorgan Chase & Co. assumed coverage on Valaris in a research note on Friday, December 6th. They set an "underweight" rating and a $40.00 price objective on the stock. Finally, Benchmark lowered Valaris from a "buy" rating to a "hold" rating in a research note on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $66.00.

Valaris Stock Down 1.3 %

Shares of Valaris stock traded down $0.59 during trading hours on Friday, hitting $43.57. 2,234,684 shares of the company's stock traded hands, compared to its average volume of 1,610,725. Valaris Limited has a twelve month low of $41.66 and a twelve month high of $84.20. The company has a market cap of $3.10 billion, a PE ratio of 2.99 and a beta of 1.09. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $48.87 and a 200-day simple moving average of $60.73.

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.