Valaris (NYSE:VAL) Releases Quarterly Earnings Results, Beats Expectations By $0.68 EPS

Valaris (NYSE:VAL) posted its earnings results on Wednesday. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.68, Zacks reports. Valaris had a return on equity of 17.67% and a net margin of 15.81%. The firm had revenue of $584.40 million during the quarter, compared to the consensus estimate of $578.01 million.

Valaris Trading Up 4.2 %

VAL opened at $44.60 on Friday. Valaris has a one year low of $39.90 and a one year high of $84.20. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 8.68 and a beta of 1.10. The stock’s 50 day moving average price is $45.45 and its 200-day moving average price is $50.85.

Wall Street Analysts Forecast Growth

Several research firms have commented on VAL. JPMorgan Chase & Co. initiated coverage on shares of Valaris in a research report on Friday, December 6th. They set an “underweight” rating and a $40.00 price objective for the company. Evercore ISI lowered Valaris from an “outperform” rating to an “in-line” rating and dropped their price target for the stock from $87.00 to $59.00 in a research report on Wednesday, January 15th. Citigroup boosted their price objective on Valaris from $47.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, January 30th. StockNews.com raised Valaris to a “sell” rating in a research note on Thursday. Finally, Susquehanna cut their target price on Valaris from $61.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, Valaris has a consensus rating of “Hold” and a consensus price target of $56.83.

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.