Ion Asset Management Ltd. Invests $614,000 in Valaris Limited $VAL

Key Points

• Ion Asset Management Ltd. has acquired a new stake in Valaris Limited (NYSE:VAL), purchasing 15,650 shares valued at around $614,000 during the first quarter of the year.
• Valaris has recently seen updates from analysts, with most rated as a "Hold" and a varying price target, suggesting a cautious outlook for the stock.
• In its latest earnings report, Valaris exceeded expectations with reported earnings per share of $1.61, alongside a year-over-year revenue increase of 0.8%, totaling $615.20 million.

Ion Asset Management Ltd. purchased a new stake in Valaris Limited (NYSE:VAL - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 15,650 shares of the company's stock, valued at approximately $614,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VAL. Lowe Wealth Advisors LLC purchased a new position in Valaris in the 1st quarter valued at $28,000. UMB Bank n.a. purchased a new position in Valaris in the 1st quarter valued at $44,000. GAMMA Investing LLC lifted its holdings in Valaris by 1,027.5% in the 1st quarter. GAMMA Investing LLC now owns 1,353 shares of the company's stock valued at $53,000 after purchasing an additional 1,233 shares in the last quarter. Bayforest Capital Ltd lifted its holdings in Valaris by 17.2% in the 1st quarter. Bayforest Capital Ltd now owns 1,920 shares of the company's stock valued at $75,000 after purchasing an additional 282 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Valaris by 73.4% in the 1st quarter. Covestor Ltd now owns 3,313 shares of the company's stock valued at $130,000 after purchasing an additional 1,402 shares in the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

Valaris Trading Up 1.5%

Shares of Valaris stock traded up $0.76 during mid-day trading on Wednesday, hitting $51.95. The stock had a trading volume of 477,992 shares, compared to its average volume of 1,702,692. The firm has a 50-day moving average of $48.09 and a two-hundred day moving average of $41.26. Valaris Limited has a 12-month low of $27.15 and a 12-month high of $57.90. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.46. The firm has a market cap of $3.70 billion, a P/E ratio of 13.54 and a beta of 1.17.

Valaris (NYSE:VAL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.45. Valaris had a net margin of 11.18% and a return on equity of 12.36%. The business had revenue of $615.20 million during the quarter, compared to analysts' expectations of $582.70 million. During the same quarter in the prior year, the company posted $2.03 EPS. The business's revenue for the quarter was up .8% on a year-over-year basis. Sell-side analysts forecast that Valaris Limited will post 3.96 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on VAL. Zacks Research upgraded shares of Valaris from a "strong sell" rating to a "hold" rating in a report on Friday, September 5th. Fearnley Fonds downgraded shares of Valaris from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. SEB Equity Research set a $45.50 price objective on shares of Valaris in a report on Monday, September 1st. Citigroup reiterated a "neutral" rating and issued a $50.00 price objective (up previously from $47.00) on shares of Valaris in a report on Thursday, July 10th. Finally, BTIG Research reiterated a "buy" rating on shares of Valaris in a report on Monday, July 14th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $47.21.

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.