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Fly News Breaks for August 2, 2019
Aug 2, 2019 | 07:21 EDT
As previously reported, Wells Fargo analyst Coleman Sullivan downgraded Valaris to Market Perform from Outperform after he reduced his EBITDA forecasts through 2021 to account for revised rig startup assumptions, more conservative utilization and dayrate assumptions on floaters and revised cost assumptions. Sullivan, who continues to be disappointed by the lack of contracts at rates peers are able to achieve, sees the company's outlook having more inherent risk going forward, he said. He lowered his price target on Valaris shares to $9 from $23.
News For VAL From the Last 2 Days
Sep 20, 2019 | 11:35 EDT
Bearish flow noted in Valaris Plc with 4,283 puts trading, or 4x expected. Most active are Sep-19 7 puts and Oct-19 6 puts, with total volume in those strikes near 4,100 contracts. The Put/Call Ratio is 17.06, while ATM IV is up nearly 5 points on the day. Earnings are expected on October 30th.