Varde Management L.P. Invests $2.62 Million in Valaris Limited (NYSE:VAL)

Varde Management L.P. purchased a new stake in Valaris Limited (NYSE:VAL - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 59,220 shares of the company's stock, valued at approximately $2,620,000. Valaris accounts for about 2.2% of Varde Management L.P.'s portfolio, making the stock its 4th largest position. Varde Management L.P. owned about 0.08% of Valaris as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Quinn Opportunity Partners LLC acquired a new position in Valaris during the 4th quarter worth about $1,283,000. Covestor Ltd lifted its position in shares of Valaris by 40.1% during the fourth quarter. Covestor Ltd now owns 1,911 shares of the company's stock worth $85,000 after purchasing an additional 547 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Valaris in the fourth quarter valued at approximately $875,000. Advisory Services Network LLC acquired a new position in shares of Valaris in the fourth quarter valued at approximately $338,000. Finally, RiverGlades Family Offices LLC purchased a new stake in Valaris during the 4th quarter worth approximately $230,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Valaris Stock Performance

NYSE:VAL traded up $0.01 during trading hours on Wednesday, reaching $30.38. 593,574 shares of the company's stock were exchanged, compared to its average volume of 2,001,432. Valaris Limited has a 1-year low of $27.15 and a 1-year high of $84.20. The company has a quick ratio of 1.61, a current ratio of 1.59 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 5.91 and a beta of 1.06. The company has a 50-day moving average of $38.07 and a 200 day moving average of $44.45.

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Valaris (NYSE:VAL - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.68. The firm had revenue of $584.40 million for the quarter, compared to analyst estimates of $578.01 million. Valaris had a return on equity of 17.40% and a net margin of 15.81%. Research analysts anticipate that Valaris Limited will post 3.96 EPS for the current year.

Analyst Upgrades and Downgrades

VAL has been the subject of several research reports. Barclays dropped their price target on shares of Valaris from $46.00 to $35.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. Citigroup decreased their price objective on Valaris from $48.00 to $44.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Susquehanna reduced their target price on shares of Valaris from $47.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday. StockNews.com raised shares of Valaris to a "sell" rating in a research report on Thursday, February 20th. Finally, Evercore ISI cut Valaris from an "outperform" rating to an "in-line" rating and cut their price target for the company from $87.00 to $59.00 in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $50.33.

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.