Platinum Investment Management Ltd. Sells 42,520 Shares of Valaris Limited (NYSE:VAL)

Platinum Investment Management Ltd. reduced its position in Valaris Limited (NYSE:VAL) by 5.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 814,110 shares of the company’s stock after selling 42,520 shares during the quarter. Valaris comprises about 2.1% of Platinum Investment Management Ltd.’s portfolio, making the stock its 15th largest position. Platinum Investment Management Ltd. owned about 1.14% of Valaris worth $36,016,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Lingotto Investment Management LLP grew its holdings in shares of Valaris by 2.5% during the 4th quarter. Lingotto Investment Management LLP now owns 3,637,207 shares of the company’s stock valued at $160,910,000 after purchasing an additional 87,420 shares during the last quarter. State Street Corp grew its holdings in shares of Valaris by 4.8% during the 3rd quarter. State Street Corp now owns 2,446,006 shares of the company’s stock valued at $136,365,000 after purchasing an additional 112,216 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Valaris by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,519,644 shares of the company’s stock valued at $84,736,000 after purchasing an additional 66,229 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Valaris by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 797,060 shares of the company’s stock valued at $44,436,000 after purchasing an additional 29,031 shares during the last quarter. Finally, Waverton Investment Management Ltd grew its holdings in shares of Valaris by 12.7% during the 4th quarter. Waverton Investment Management Ltd now owns 756,135 shares of the company’s stock valued at $33,451,000 after purchasing an additional 85,250 shares during the last quarter. 96.74% of the stock is owned by institutional investors.

Valaris Stock Up 1.9 %

Shares of NYSE VAL opened at $39.49 on Wednesday. The company has a market capitalization of $2.80 billion, a P/E ratio of 7.68 and a beta of 1.16. Valaris Limited has a 52-week low of $31.15 and a 52-week high of $84.20. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.61 and a current ratio of 1.59. The company’s 50 day moving average price is $43.39 and its 200-day moving average price is $47.44.

Valaris (NYSE:VAL) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.68. Valaris had a net margin of 15.81% and a return on equity of 17.40%. The firm had revenue of $584.40 million for the quarter, compared to the consensus estimate of $578.01 million. Equities analysts forecast that Valaris Limited will post 3.96 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on VAL. JPMorgan Chase & Co. initiated coverage on shares of Valaris in a report on Friday, December 6th. They set an “underweight” rating and a $40.00 price target on the stock. Citigroup boosted their target price on shares of Valaris from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Barclays reduced their target price on shares of Valaris from $49.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 25th. StockNews.com raised shares of Valaris to a “sell” rating in a report on Thursday, February 20th. Finally, Evercore ISI lowered shares of Valaris from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $87.00 to $59.00 in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $55.00.

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.