Valaris (NYSE:VAL) Issues Earnings Results, Beats Expectations By $0.68 EPS

Valaris (NYSE:VAL - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.68, Zacks reports. The firm had revenue of $584.40 million during the quarter, compared to analysts' expectations of $578.01 million. Valaris had a net margin of 15.81% and a return on equity of 17.40%.

Valaris Stock Performance

VAL traded down $2.76 on Friday, reaching $41.80. 2,742,356 shares of the stock were exchanged, compared to its average volume of 1,506,305. 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 company's 50-day moving average price is $45.42 and its 200 day moving average price is $50.53. The firm has a market capitalization of $2.97 billion, a PE ratio of 8.13 and a beta of 1.10. Valaris has a fifty-two week low of $39.90 and a fifty-two week high of $84.20.

Wall Street Analyst Weigh In

VAL has been the topic of several recent research reports. Susquehanna dropped their target price on Valaris from $50.00 to $47.00 and set a "neutral" rating on the stock in a research report on Friday. JPMorgan Chase & Co. assumed coverage on shares of Valaris in a report on Friday, December 6th. They issued an "underweight" rating and a $40.00 target price for the company. Evercore ISI lowered shares of Valaris from an "outperform" rating to an "in-line" rating and reduced their price objective for the stock from $87.00 to $59.00 in a research note on Wednesday, January 15th. Citigroup raised their price objective on Valaris from $47.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, January 30th. Finally, StockNews.com raised Valaris to a "sell" rating in a research report on Thursday. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $55.50.

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.