Teza Capital Management LLC Trims Holdings in Valaris Limited $VAL

Key Points

• Teza Capital Management LLC significantly reduced its stake in Valaris Limited by 71.3% in the first quarter, selling 14,866 shares and leaving them with a total of 5,988 shares valued at approximately $235,000.
• Other institutional investors, including Lowe Wealth Advisors LLC and Covestor Ltd, also made notable adjustments to their holdings in Valaris during the same period, reflecting ongoing interest from hedge funds.
• Valaris reported quarterly earnings of $1.61 per share, exceeding estimates and marking a year-over-year revenue increase, contributing to a currently bullish outlook as analysts maintain a "Hold" rating with an average target price of $47.21.

Teza Capital Management LLC lowered its stake in Valaris Limited (NYSE:VAL - Free Report) by 71.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,988 shares of the company's stock after selling 14,866 shares during the period. Teza Capital Management LLC's holdings in Valaris were worth $235,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in Valaris by 20.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,761,369 shares of the company's stock valued at $108,412,000 after acquiring an additional 460,792 shares in the last quarter. Dalal Street LLC bought a new stake in Valaris in the first quarter valued at $56,046,000. Waverton Investment Management Ltd boosted its holdings in Valaris by 49.7% in the first quarter. Waverton Investment Management Ltd now owns 1,131,601 shares of the company's stock valued at $44,455,000 after acquiring an additional 375,466 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Valaris by 2.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 813,871 shares of the company's stock valued at $31,953,000 after acquiring an additional 20,278 shares in the last quarter. Finally, Third Avenue Management LLC boosted its holdings in Valaris by 33.6% in the first quarter. Third Avenue Management LLC now owns 569,839 shares of the company's stock valued at $22,372,000 after acquiring an additional 143,231 shares in the last quarter. Institutional investors own 96.74% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on VAL. Citigroup reiterated a "neutral" rating and issued a $50.00 price target (up previously from $47.00) on shares of Valaris in a report on Thursday, July 10th. Fearnley Fonds cut shares of Valaris from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of Valaris from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Susquehanna boosted their target price on shares of Valaris from $46.00 to $52.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, Zacks Research upgraded shares of Valaris from a "strong sell" rating to a "hold" rating in a report on Friday, September 5th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $47.21.

Valaris Stock Performance

NYSE:VAL traded up $0.92 during mid-day trading on Monday, reaching $52.95. The company's stock had a trading volume of 248,381 shares, compared to its average volume of 1,689,085. Valaris Limited has a 12-month low of $27.15 and a 12-month high of $57.90. The firm's fifty day moving average price is $48.52 and its two-hundred day moving average price is $41.58. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.46. The stock has a market cap of $3.77 billion, a P/E ratio of 13.79 and a beta of 1.17.

Valaris (NYSE:VAL - Get Free Report) last released 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 firm had revenue of $615.20 million during the quarter, compared to analyst estimates of $582.70 million. During the same quarter in the prior year, the firm earned $2.03 EPS. The business's revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts forecast that Valaris Limited will post 3.96 EPS for the current fiscal year.

Valaris 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.