Valaris (NYSE:VAL) Downgraded by Citigroup to "Neutral"

Citigroup cut shares of Valaris (NYSE:VAL - Free Report) from a buy rating to a neutral rating in a report published on Monday, MarketBeat.com reports. They currently have $47.00 target price on the stock, down from their previous target price of $58.00.

VAL has been the topic of a number of other reports. Benchmark cut shares of Valaris from a "buy" rating to a "hold" rating in a research report on Tuesday, October 15th. Barclays decreased their price target on shares of Valaris from $61.00 to $59.00 and set an "overweight" rating for the company in a research report on Tuesday, November 5th. Susquehanna reduced their price objective on Valaris from $61.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. initiated coverage on Valaris in a research note on Friday. They issued an "underweight" rating and a $40.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $66.00.

Valaris Trading Up 6.5 %

Shares of NYSE VAL traded up $2.74 during midday trading on Monday, hitting $44.72. The stock had a trading volume of 2,282,929 shares, compared to its average volume of 1,108,559. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. Valaris has a 1-year low of $41.66 and a 1-year high of $84.20. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 3.14 and a beta of 1.09. The company has a fifty day moving average price of $49.97 and a 200 day moving average price of $61.66.

Insider Transactions at Valaris

In other Valaris news, SVP Matthew Lyne sold 26,000 shares of the firm's stock in a transaction that occurred on 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 owns 24,388 shares in the company, valued at $1,360,118.76. This trade represents a 51.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.12% of the company's stock.

Hedge Funds Weigh In On Valaris

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP acquired a new stake in Valaris in the third quarter valued at $25,000. Evergreen Capital Management LLC bought a new stake in shares of Valaris in the 2nd quarter worth about $204,000. Choreo LLC acquired a new stake in shares of Valaris in the 2nd quarter valued at about $204,000. Scientech Research LLC bought a new position in shares of Valaris during the second quarter worth about $211,000. Finally, SkyView Investment Advisors LLC acquired a new position in Valaris in the second quarter worth about $224,000. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

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.