Valaris (NYSE:VAL) Issues Earnings Results, Misses Expectations By $0.40 EPS

Valaris (NYSE:VAL) posted its quarterly earnings results on Monday. The company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.40), RTT News reports. Valaris had a return on equity of 9.25% and a net margin of 43.95%. The firm had revenue of $593.60 million for the quarter, compared to analyst estimates of $562.70 million. During the same period last year, the company posted $2.65 earnings per share.

Valaris Stock Down 10.2%

Shares of Valaris stock traded down $10.79 on Monday, hitting $94.53. The company had a trading volume of 1,129,098 shares, compared to its average volume of 1,172,582. Valaris has a 1 year low of $48.08 and a 1 year high of $114.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a 50 day moving average of $86.57 and a 200-day moving average of $85.67. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of 7.06 and a beta of 1.03.

Analyst Ratings Changes

A number of brokerages have recently weighed in on VAL. Wall Street Zen lowered Valaris from a “hold” rating to a “sell” rating in a research report on Saturday. Susquehanna lifted their price target on shares of Valaris from $80.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, October 5th. Finally, Weiss Ratings raised shares of Valaris from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. Six analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $68.50.

Valaris Company Profile

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.