Tensile Capital Management LP Invests $25.91 Million in Valaris Limited $VAL

Key Points

• Tensile Capital Management LP acquired 660,000 shares of Valaris Limited (NYSE: VAL) valued at approximately $25.9 million, making it the fund's 12th largest holding.
• Analysts have various ratings for Valaris, with a consensus rating of "Hold" and an average target price of $47.21, following recent upgrades and downgrades from firms such as Susquehanna and Barclays.
• Valaris reported an EPS of $1.61 for the last quarter, surpassing analyst expectations and achieving a revenue of $615.20 million, marking a 0.8% year-over-year increase.

Tensile Capital Management LP acquired a new position in Valaris Limited (NYSE:VAL - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 660,000 shares of the company's stock, valued at approximately $25,912,000. Valaris comprises 3.3% of Tensile Capital Management LP's investment portfolio, making the stock its 12th biggest holding. Tensile Capital Management LP owned about 0.93% of Valaris as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Lowe Wealth Advisors LLC acquired a new stake in shares of Valaris in the first quarter worth $28,000. UMB Bank n.a. acquired a new stake in Valaris during the 1st quarter worth about $44,000. GAMMA Investing LLC raised its stake in shares of Valaris by 1,027.5% during the 1st quarter. GAMMA Investing LLC now owns 1,353 shares of the company's stock valued at $53,000 after buying an additional 1,233 shares during the last quarter. Bayforest Capital Ltd raised its stake in shares of Valaris by 17.2% during the 1st quarter. Bayforest Capital Ltd now owns 1,920 shares of the company's stock valued at $75,000 after buying an additional 282 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of 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 buying an additional 1,402 shares during the period. Hedge funds and other institutional investors own 96.74% of the company's stock.

Valaris Stock Down 0.9%

VAL stock traded down $0.50 during midday trading on Friday, hitting $52.32. The company's stock had a trading volume of 367,096 shares, compared to its average volume of 1,694,782. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.46. Valaris Limited has a 52-week low of $27.15 and a 52-week high of $57.90. The firm has a market capitalization of $3.73 billion, a P/E ratio of 13.62 and a beta of 1.17. The firm has a 50-day simple moving average of $48.38 and a 200-day simple moving average of $41.42.

Valaris (NYSE:VAL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.61 EPS 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 company had revenue of $615.20 million during the quarter, compared to analysts' expectations of $582.70 million. During the same quarter last year, the company posted $2.03 EPS. The firm's revenue was up .8% compared to the same quarter last year. As a group, equities analysts forecast that Valaris Limited will post 3.96 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VAL. Susquehanna boosted their price target on Valaris from $46.00 to $52.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Wall Street Zen upgraded Valaris from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. SEB Equity Research set a $45.50 target price on shares of Valaris in a research report on Monday, September 1st. Fearnley Fonds downgraded shares of Valaris from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Clarkson Capital downgraded shares of Valaris from a "buy" rating to a "neutral" rating and set a $54.00 price objective for the company. in a report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $47.21.

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.