Stock News Buzz: Valaris plc (NYSE:VAL)

Valaris plc (NYSE:VAL) stock observed trading -70.38% off 52-week high price. On the other end, the stock has been noted 66.96% away from low price over the last 52-weeks. The stock disclosed a move of 2.34% away from 50 day moving average and -9.27% away from 200 day moving average. Moving closer, we can see that shares have been trading 12.65% off 20-day moving average. It has market cap of $1.12B and dividend yield of 2.80%.

On Feb. 20, 2020, Valaris plc (NYSE:VAL) revealed a net loss attributable to the Company of $216 million, or $1.09 per share, for fourth quarter 2019 compared to a net loss of $197 million, or $1.00 per share, in third quarter 2019. The Company reported adjusted EBITDA of $22 million in fourth quarter 2019 compared to $35 million in third quarter 2019, and an adjusted loss of $1.55 per share in fourth quarter 2019 versus an adjusted loss of $1.27 per share in the prior quarter.

Chief Executive Officer and President Tom Burke said, Last year was pivotal in the company’s evolution as an industry-leading offshore services provider. In April, we merged two leading offshore drillers to form Valaris and committed to delivering meaningful ongoing synergies from the combination. We made great strides to integrate the company in the months that followed, including completing the majority of our planned integration activities that have resulted in the company reaching approximately $135 million of annual run rate synergies by year-end 2019. Most importantly, we continued to deliver safe, efficient and reliable services to customers in 2019 – with 98% operational utilization across the fleet and safety performance significantly better than the industry – while achieving these integration and synergy milestones, which is a testament to the hard work and professionalism of our dedicated employees around the world.

Burke concluded, We also enjoyed commercial success, signing new contracts that added $1.8 billion to our contracted revenue backlog during the year, reflecting the success of our team’s efforts to win new work for our rigs in improving, albeit still challenging, market conditions. We have carried this contracting momentum into 2020 with the addition of incremental backlog and we are in advanced discussions with customers for several new contracts. While our diverse, high-quality modern rig fleet and technical expertise position us well to continue adding future backlog, we expect to report losses and have negative cash flows during 2020 despite gradual improvement in utilization and average day rates for Valaris’ fleet.

The USA based company Valaris plc moved with change of 7.74% to $5.71 with the total traded volume of 4962877 shares in recent session versus to an average volume of 5.07M. The stock was observed in the 5 days activity at 8.97%. The one month performance of stock was 10.23%. VAL’s shares are at 36.28% for the quarter and driving a -69.30% return over the course of the past year and is now at -12.96% since this point in 2018.  Right now the stock beta is 2.73. The average volatility for the week and month was at 7.45% and 6.96% respectively. There are 196.36M shares outstanding and 196.05M shares are floated in market.

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