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VAL

Valaris

$4.29

0.025 (0.59%)

16:10
12/02/19
12/02
16:10
12/02/19
16:10

Valaris downgraded to Neutral from Buy at BTIG

BTIG analyst Gregory Lewis downgraded Valaris to Neutral from Buy without a price target. While the offshore recovery is underway, the pace of the recovery has been slower than expected, Lewis tells investors in a research note. Further, the 10 contracts Valaris announced last week "only" increased its backlog by $285M, adds the analyst, who would have expected the contracts to generate backlog closer to $350M based on implied market rates. He sees no "quick fix" for the company.

VAL Valaris
$4.29

0.025 (0.59%)

09/25/19
RBCM
09/25/19
DOWNGRADE
Target $9
RBCM
Sector Perform
Valaris downgraded to Sector Perform from Outperform at RBC Capital
As previously reported, RBC Capital analyst Kurt Hallead downgraded Valaris to Sector Perform from Outperform and lowered his price target for the shares to $9 from $13. The analyst notes that while activity and pricing have seen signs of "definitive improvement", the pace of recovery has been slower than anticipated, which pushed out the timeline for the company to become free cash flow positive. Hallead further contends that the "wall of worry" for Valaris relating to its debt maturities will continue, limiting upside optionality.
10/24/19
NORD
10/24/19
DOWNGRADE
NORD
Hold
Valaris downgraded to Hold from Buy at Nordea
Nordea analyst Janne Kvernland downgraded Valaris to Hold from Buy.
11/19/19
DBAB
11/19/19
INITIATION
Target $4
DBAB
Hold
Valaris initiated with a Hold at Deutsche Bank
Deutsche Bank initiated coverage of Valaris with a Hold rating and $4 price target.
11/19/19
DBAB
11/19/19
INITIATION
Target $4
DBAB
Hold
Valaris initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Chris Snyder initiated coverage of Valaris with a Hold rating and a $4 price target. The analyst notes that the company became the largest provider of offshore drilling rigs after merging with Atwood in 2017, but expects the recovery in the offshore markets to be "slow and laborious" with "fiercely competitive" pricing, as operators keep the rigs "hot" while waiting for "better days ahead".

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-3.88 (-1.80%)

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