Valaris Limited $VAL Shares Bought by Third Avenue Management LLC

Key Points

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Third Avenue Management LLC lifted its holdings in shares of Valaris Limited (NYSE:VAL - Free Report) by 33.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 569,839 shares of the company's stock after purchasing an additional 143,231 shares during the period. Valaris accounts for about 4.5% of Third Avenue Management LLC's portfolio, making the stock its 4th largest position. Third Avenue Management LLC owned 0.80% of Valaris worth $22,372,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in VAL. LPL Financial LLC grew its holdings in shares of Valaris by 101.4% during the fourth quarter. LPL Financial LLC now owns 21,322 shares of the company's stock worth $943,000 after purchasing an additional 10,737 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Valaris by 63.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 18,573 shares of the company's stock worth $822,000 after purchasing an additional 7,234 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Valaris by 19.3% during the fourth quarter. Russell Investments Group Ltd. now owns 15,139 shares of the company's stock worth $670,000 after purchasing an additional 2,444 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Valaris during the fourth quarter worth $222,000. Finally, Raymond James Financial Inc. bought a new position in Valaris in the fourth quarter valued at about $875,000. Institutional investors own 96.74% of the company's stock.

Valaris Stock Up 6.4%

Shares of NYSE VAL traded up $2.9730 during mid-day trading on Friday, reaching $49.1530. 1,757,495 shares of the company's stock were exchanged, compared to its average volume of 1,756,217. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 12.80 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. The business has a fifty day simple moving average of $46.63 and a 200 day simple moving average of $40.92. Valaris Limited has a twelve month low of $27.15 and a twelve month high of $65.68.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on VAL shares. Susquehanna raised 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. BTIG Research reiterated a "buy" rating on shares of Valaris in a report on Monday, July 14th. Barclays raised their price target on Valaris from $37.00 to $39.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen upgraded Valaris to a "sell" rating in a report on Tuesday, May 13th. Finally, Evercore ISI decreased their price target on Valaris from $55.00 to $50.00 and set an "in-line" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Valaris currently has a consensus rating of "Hold" and an average price target of $46.20.

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.