Jennison Associates LLC Decreases Stock Holdings in Valaris Limited $VAL

Jennison Associates LLC reduced its stake in Valaris Limited (NYSE:VAL) by 28% in Q2, now holding 15,604 shares after selling 6,072. Other hedge funds also adjusted their positions, with Teacher Retirement System of Texas increasing its stake by 3.7%. Analysts have mixed views on Valaris, with BTIG raising its price target to $65 and Fearnley Fonds downgrading to a hold. Valaris shares opened at $56.10, with a 12-month range of $27.15 to $58.39. The company reported $2.65 EPS, exceeding estimates, but revenue declined 7.4% year-over-year.

Jennison Associates LLC trimmed its position in shares of Valaris Limited (NYSE:VAL - Free Report) by 28.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,604 shares of the company's stock after selling 6,072 shares during the quarter. Jennison Associates LLC's holdings in Valaris were worth $657,000 at the end of the most recent reporting period.

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Several other hedge funds have also modified their holdings of the company. Teacher Retirement System of Texas lifted its position in shares of Valaris by 3.7% during the second quarter. Teacher Retirement System of Texas now owns 9,720 shares of the company's stock valued at $409,000 after buying an additional 348 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Valaris by 106.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,780 shares of the company's stock valued at $75,000 after purchasing an additional 919 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Valaris by 14.9% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 54,366 shares of the company's stock valued at $2,289,000 after purchasing an additional 7,056 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Valaris in the 2nd quarter valued at approximately $56,000. Finally, 180 Wealth Advisors LLC raised its position in shares of Valaris by 66.6% in the 2nd quarter. 180 Wealth Advisors LLC now owns 27,282 shares of the company's stock valued at $1,149,000 after purchasing an additional 10,906 shares during the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on VAL shares. BTIG Research increased their price objective on shares of Valaris from $55.00 to $65.00 and gave the company a "buy" rating in a research report on Friday. Fearnley Fonds lowered shares of Valaris from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Clarkson Capital lowered shares of Valaris from a "buy" rating to a "neutral" rating and set a $54.00 price objective for the company. in a research report on Tuesday, September 2nd. SEB Equity Research set a $45.50 price objective on shares of Valaris in a research report on Monday, September 1st. Finally, Citigroup increased their price target on shares of Valaris from $50.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Valaris currently has a consensus rating of "Reduce" and an average price target of $50.50.

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Check Out Our Latest Research Report on Valaris

Valaris Price Performance

Shares of NYSE:VAL opened at $56.10 on Friday. Valaris Limited has a twelve month low of $27.15 and a twelve month high of $58.39. The company's 50 day moving average is $51.19 and its 200 day moving average is $45.42. The company has a current ratio of 1.87, a quick ratio of 1.81 and a debt-to-equity ratio of 0.44. The company has a market cap of $3.99 billion, a PE ratio of 10.00 and a beta of 1.15.

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Valaris (NYSE:VAL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $1.00 by $1.65. Valaris had a net margin of 16.51% and a return on equity of 17.27%. The company had revenue of $595.70 million for the quarter, compared to the consensus estimate of $568.41 million. The company's revenue for the quarter was down 7.4% on a year-over-year basis. On average, sell-side analysts forecast that Valaris Limited will post 3.96 EPS for the current year.

Valaris Company Profile

(Free Report)

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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Jennison Associates LLC Decreases Stock Holdings in Valaris Limited $VAL

Wall Street Analyst Weigh In

Valaris Price Performance

Valaris Company Profile

Further Reading

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