Lumbard & Kellner LLC Sells 577 Shares of Valaris Limited (NYSE:VAL)

Lumbard & Kellner LLC lessened its stake in shares of Valaris Limited (NYSE:VAL) by 0.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 77,268 shares of the company’s stock after selling 577 shares during the quarter. Valaris comprises about 2.7% of Lumbard & Kellner LLC’s portfolio, making the stock its 10th largest holding. Lumbard & Kellner LLC’s holdings in Valaris were worth $5,756,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its position in Valaris by 180.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 365 shares of the company’s stock worth $27,000 after buying an additional 235 shares during the last quarter. Assetmark Inc. raised its holdings in Valaris by 88.3% during the fourth quarter. Assetmark Inc. now owns 1,747 shares of the company’s stock worth $120,000 after purchasing an additional 819 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Valaris in the first quarter valued at about $149,000. Choreo LLC acquired a new stake in Valaris in the second quarter valued at about $204,000. Finally, Fermata Advisors LLC purchased a new stake in Valaris in the 2nd quarter valued at approximately $237,000. 96.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Benchmark reissued a “buy” rating and set a $90.00 target price on shares of Valaris in a research note on Monday, August 5th. Barclays cut their price objective on Valaris from $98.00 to $91.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Pickering Energy Partners lowered shares of Valaris from an “outperform” rating to a “neutral” rating in a research report on Tuesday, July 16th. Finally, Citigroup cut their price target on shares of Valaris from $95.00 to $71.00 and set a “buy” rating for the company in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Valaris has an average rating of “Moderate Buy” and a consensus price target of $91.40.

Insider Buying and Selling at Valaris

In other news, COO Gilles Luca sold 30,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $56.86, for a total value of $1,705,800.00. Following the sale, the chief operating officer now directly owns 108,342 shares in the company, valued at $6,160,326.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Davor Vukadin sold 15,403 shares of Valaris stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $56.64, for a total transaction of $872,425.92. Following the completion of the sale, the senior vice president now owns 13,334 shares in the company, valued at approximately $755,237.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Gilles Luca sold 30,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $56.86, for a total transaction of $1,705,800.00. Following the completion of the transaction, the chief operating officer now owns 108,342 shares in the company, valued at $6,160,326.12. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by insiders.

Valaris Stock Performance

NYSE VAL opened at $55.26 on Tuesday. The business has a 50 day moving average price of $66.62 and a 200 day moving average price of $70.13. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.73 and a quick ratio of 1.73. The company has a market capitalization of $4.00 billion, a P/E ratio of 4.83 and a beta of 1.17. Valaris Limited has a 1-year low of $53.06 and a 1-year high of $84.20.

Valaris (NYSE:VAL) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $1.07. Valaris had a return on equity of 12.58% and a net margin of 49.33%. The business had revenue of $610.10 million during the quarter, compared to analysts’ expectations of $545.00 million. Sell-side analysts expect that Valaris Limited will post 4.37 EPS for the current fiscal year.

About Valaris

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.