Valaris Q2 revenue rises 16% net income returns to profit
VAL•Analyst coverage
- The current average analyst rating on the shares is hold, with no strong buy or buy ratings, 9 hold ratings and 2 sell or strong sell ratings.
- The average consensus recommendation for the oil and gas drilling peer group is buy.
- Wall Street's median 12-month price target for Valaris Ltd is $70.00, about 10.4% below its August 4 closing price of $78.14.
- The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 22 three months ago.
Quarterly results
- Offshore drilling contractor's Q2 revenue rose 16% year over year to $539 million.
- Q2 net income was $47 million, reversing a loss in the prior quarter.
- Adjusted EBITDA reached $97 million, impacted by in Middle East conflict costs.
