Valaris (NYSE:VAL) Shares Down 5.4% - Time to Sell?

Shares of Valaris Limited (NYSE:VAL - Get Free Report) were down 5.4% during mid-day trading on Friday . The stock traded as low as $42.27 and last traded at $42.43. Approximately 400,764 shares changed hands during trading, a decline of 63% from the average daily volume of 1,093,786 shares. The stock had previously closed at $44.87.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on VAL shares. Citigroup cut their price target on shares of Valaris from $71.00 to $58.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. Barclays reduced their price target on Valaris from $61.00 to $59.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Benchmark cut Valaris from a "buy" rating to a "hold" rating in a research note on Tuesday, October 15th. Susquehanna cut 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. assumed coverage on Valaris in a report on Friday. They issued an "underweight" rating and a $40.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Valaris presently has an average rating of "Hold" and an average price target of $67.83.

Valaris Trading Down 6.4 %

The firm has a 50-day moving average of $49.97 and a 200 day moving average of $61.87. The company has a market cap of $2.99 billion, a P/E ratio of 2.88 and a beta of 1.09. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Insiders Place Their Bets

In related news, SVP Matthew Lyne sold 26,000 shares of the company'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 transaction, the senior vice president now directly owns 24,388 shares of the company's stock, valued at approximately $1,360,118.76. This represents a 51.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Gilles Luca sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $56.86, for a total value of $1,705,800.00. Following the completion of the sale, the chief operating officer now directly owns 108,342 shares of the company's stock, valued at $6,160,326.12. This trade represents a 21.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,403 shares of company stock worth $4,028,246. Corporate insiders own 0.12% of the company's stock.

Hedge Funds Weigh In On Valaris

Hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its stake in shares of Valaris by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 18,244 shares of the company's stock worth $1,359,000 after acquiring an additional 214 shares in the last quarter. World Equity Group Inc. grew its position in Valaris by 1.9% in the 2nd quarter. World Equity Group Inc. now owns 12,827 shares of the company's stock worth $956,000 after purchasing an additional 238 shares in the last quarter. Victory Capital Management Inc. increased its stake in Valaris by 5.0% in the 2nd quarter. Victory Capital Management Inc. now owns 5,080 shares of the company's stock valued at $378,000 after buying an additional 243 shares during the last quarter. Deane Retirement Strategies Inc. lifted its position in shares of Valaris by 0.6% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 40,504 shares of the company's stock worth $2,259,000 after buying an additional 251 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Valaris by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 73,525 shares of the company's stock worth $5,478,000 after buying an additional 427 shares during the last quarter. Institutional investors and hedge funds own 96.74% of the company's stock.

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.