Valaris (NYSE:VAL – Get Free Report) released its earnings results on Monday. The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.40), RTT News reports. The firm had revenue of $593.60 million during the quarter, compared to analyst estimates of $562.70 million. Valaris had a net margin of 43.95% and a return on equity of 9.25%. During the same period in the previous year, the company earned $2.65 earnings per share.
Valaris Stock Performance
Shares of VAL stock traded down $10.79 during trading hours on Monday, hitting $94.53. The company’s stock had a trading volume of 1,129,098 shares, compared to its average volume of 1,172,582. The company has a 50 day moving average of $86.57 and a 200 day moving average of $85.67. The stock has a market cap of $6.56 billion, a PE ratio of 7.06 and a beta of 1.03. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.34. Valaris has a 12-month low of $48.08 and a 12-month high of $114.12.
Analysts Set New Price Targets
A number of brokerages have commented on VAL. Susquehanna lifted their price target on Valaris from $80.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, October 5th. Weiss Ratings raised Valaris from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Finally, Wall Street Zen cut Valaris from a “hold” rating to a “sell” rating in a research note on Saturday. Six research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $68.50.
Read Our Latest Report on Valaris
About Valaris
Valaris plc is an offshore contract drilling company that provides drilling services to oil and gas operators worldwide. The company works with customers to support offshore exploration, appraisal and development programs in shallow-water and deepwater environments.
Valaris operates a fleet that includes drillships, semisubmersible rigs and jackup rigs. Its services include mobile offshore drilling, well construction support and related rig-management and operational services. The company’s fleet is designed to serve a range of offshore projects, from conventional shelf developments to technically demanding deepwater wells.
With operations spanning major offshore energy regions, Valaris has served customers in areas including the Gulf of Mexico, the North Sea, Brazil, West Africa, the Middle East and the Asia-Pacific region.
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