Platinum Investment Management Ltd. Sells 1,102,711 Shares of Valaris Limited $VAL

Key Points

• Platinum Investment Management Ltd. reduced its stake in Valaris Limited by 49.0% during the second quarter, after selling over 1.1 million shares, leaving it with approximately 1.15 million shares.
• Institutional ownership of Valaris stands at 96.74%, with several hedge funds, including Signaturefd LLC and Fifth Third Bancorp, increasing their positions significantly during the same quarter.
• Valaris reported earnings of $1.61 per share, exceeding estimates, while its quarterly revenue was approximately $615.20 million, indicating a modest increase from the previous year.

Platinum Investment Management Ltd. trimmed its stake in shares of Valaris Limited (NYSE:VAL - Free Report) by 49.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,149,538 shares of the company's stock after selling 1,102,711 shares during the quarter. Valaris accounts for about 3.2% of Platinum Investment Management Ltd.'s holdings, making the stock its 16th largest position. Platinum Investment Management Ltd. owned about 1.62% of Valaris worth $48,407,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Signaturefd LLC increased its position in shares of Valaris by 45.4% during the second quarter. Signaturefd LLC now owns 916 shares of the company's stock valued at $39,000 after buying an additional 286 shares during the period. Bank Pictet & Cie Europe AG increased its holdings in Valaris by 48.5% during the 2nd quarter. Bank Pictet & Cie Europe AG now owns 535,942 shares of the company's stock worth $22,569,000 after acquiring an additional 175,000 shares during the period. Fifth Third Bancorp increased its holdings in Valaris by 77.9% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company's stock worth $35,000 after acquiring an additional 360 shares during the period. GAMMA Investing LLC increased its holdings in shares of Valaris by 75.8% in the second quarter. GAMMA Investing LLC now owns 2,379 shares of the company's stock worth $100,000 after purchasing an additional 1,026 shares during the period. Finally, U.S. Capital Wealth Advisors LLC increased its holdings in shares of Valaris by 4.1% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 98,326 shares of the company's stock worth $4,141,000 after purchasing an additional 3,888 shares during the period. 96.74% of the stock is currently owned by institutional investors.

Valaris Stock Up 4.9%

Shares of NYSE:VAL opened at $51.18 on Thursday. The stock's 50-day moving average price is $49.23 and its 200-day moving average price is $42.85. Valaris Limited has a 12-month low of $27.15 and a 12-month high of $57.45. The stock has a market capitalization of $3.64 billion, a P/E ratio of 13.33 and a beta of 1.17. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.46.

Valaris (NYSE:VAL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.45. Valaris had a return on equity of 12.36% and a net margin of 11.18%.The business had revenue of $615.20 million for the quarter, compared to analyst estimates of $582.70 million. During the same period last year, the company earned $2.03 EPS. Valaris's revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts anticipate that Valaris Limited will post 3.96 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. SEB Equity Research set a $45.50 target price on Valaris in a research note on Monday, September 1st. Zacks Research raised shares of Valaris from a "strong sell" rating to a "hold" rating in a research note on Friday, September 5th. BTIG Research reaffirmed a "buy" rating on shares of Valaris in a research note on Monday, July 14th. Fearnley Fonds cut shares of Valaris from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Barclays raised their price target on Valaris from $37.00 to $39.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $48.19.

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.

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