Valaris (NYSE:VAL) Releases Quarterly Earnings Results, Misses Estimates By $0.40 EPS

Valaris (NYSE:VAL) announced its quarterly earnings results on Monday. The company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.40), FiscalAI reports. Valaris had a net margin of 37.35% and a return on equity of 4.26%. The firm had revenue of $593.60 million for the quarter, compared to analyst estimates of $562.70 million. During the same period in the previous year, the firm posted $2.65 EPS. The company’s revenue was down .4% compared to the same quarter last year.

Valaris Trading Down 6.9%

Shares of Valaris stock traded down $6.18 during trading hours on Wednesday, hitting $83.81. The company’s stock had a trading volume of 328,944 shares, compared to its average volume of 1,166,643. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of 7.35 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.55 and a current ratio of 1.55. Valaris has a twelve month low of $48.08 and a twelve month high of $114.12. The firm has a fifty day moving average of $86.78 and a 200-day moving average of $86.05.

Wall Street Analysts Forecast Growth

VAL has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Valaris from a “hold” rating to a “sell” rating in a report on Saturday. Susquehanna raised their price target on shares of Valaris from $86.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Weiss Ratings upgraded shares of Valaris from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Valaris has a consensus rating of “Reduce” and a consensus target price of $69.75.

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.