Valaris plc (A)

Ensco is an offshore contract drilling company engaged in providing offshore contract drilling services to the international oil and gas industry. As of Dec 31 2017, Co. owned and operated an offshore drilling rig fleet of 62 rigs. Co.'s rig fleet includes 12 drillships, 11 semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including rigs under construction. Co.'s business consists of three operating segments: floaters, which includes its drillships and semisubmersible rigs; jackups; and other, which consists of management services on rigs owned by third-parties. Co.'s two reportable segments, floaters and jackups, provide one service, contract drilling.
  • TickerVAL
  • ISINGB00BJVJZD68
  • ExchangeNew York Stock Exchange
  • SectorOil Equipment, Services & Distribution
  • CountryUnited Kingdom

Moody's appends limited default designation to Valaris plc's PDR

Announcement: Moody's appends limited default designation to Valaris plc's PDR. Global Credit Research- 02 Jul 2020. New York, July 02, 2020-- Moody's Investors Service appended a limited default designation to Valaris plc's Probability of Default Rating, changing it to Caa3-PD/LD.

Due to a more favourable environment, VALARIS PLC. slightly increases to Slightly Negative

VALARIS PLC. (US), a company active in the Oil Equipment & Services industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Slightly Negative even if it remains under pressure. As of the analysis date May 5, 2020, the closing price was USD 0.42 and its target price was estimated at USD 0.30.

Valaris plc: Update following downgrade to Caa3

Untenable capital structure and distressed debt exchange risk remains the key impediment for ratings.

Moody's announces completion of a periodic review of ratings of Valaris plc

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Valaris plc. Global Credit Research- 02 Apr 2020. New York, April 02, 2020-- Moody's Investors Service has completed a periodic review of the ratings of Valaris plc and other ratings that are associated with the same analytical unit.

Moody's downgrades Valaris to Caa3

Rating Action: Moody's downgrades Valaris to Caa3. Global Credit Research- 20 Mar 2020. Approximately $6 billion of rated debt affected.

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • A number of significant Communications names are developing bullishly. (ex. GOOG, FB, and NWS) • Consumer Discretionary names continue to develop positively. (ex. THRM, LEA, WYNN, PENN, CMG, KMX, and AMZN) • Energy Sector names continue to attempt to carve out bottoms. (ex. OXY, VAL) • Financial Sector names continue to develop bullishly (ex. C, UMPQ, EWBC, TROW, MSCI, SPGI, GS, and MS)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

Preston Caldwell

Morningstar | Falling Oil Prices Have Made Oilfield Service Stocks Very Cheap Again

Falling oil prices over the past several months have pushed oilfield service stocks into very cheap territory. West Texas Intermediate crude has fallen from over $65/bbl in late April to about $51/bbl today, below our midcycle forecast of $55/bbl. Our median covered oilfield service company is trading at a 20% discount to fair value. Valuations look about as cheap as they did last December, when many names breached 15-plus year lows. For oilfield service companies, we think the market is pricing in overly pessimistic views on growth in oil and gas capital expenditures, as we've previously hig...

Preston Caldwell

Morningstar | Falling Oil Prices Have Made Oilfield Service Stocks Very Cheap Again

Falling oil prices over the past several months have pushed oilfield service stocks into very cheap territory. West Texas Intermediate crude has fallen from over $65/bbl in late April to about $51/bbl today, below our midcycle forecast of $55/bbl. Our median covered oilfield service company is trading at a 20% discount to fair value. Valuations look about as cheap as they did last December, when many names breeched 15-plus year lows. For oilfield service companies, we think the market is pricing in overly pessimistic views on growth in oil and gas capital expenditures, as we've previously hig...

Preston Caldwell

Falling Oil Prices Have Made Oilfield Service Stocks Very Cheap Again

Falling oil prices over the past several months have pushed oilfield service stocks into very cheap territory. West Texas Intermediate crude has fallen from over $65/bbl in late April to about $51/bbl today, below our midcycle forecast of $55/bbl. Our median covered oilfield service company is trading at a 20% discount to fair value. Valuations look about as cheap as they did last December, when many names breeched 15-plus year lows. For oilfield service companies, we think the market is pricin...

Preston Caldwell

Morningstar | Adjusting Offshore Driller Fair Value Estimates on Revised Long-Term Rig Market Assumptions

After reviewing our long-term forecasts, we are revising our fair value estimates for offshore drillers. Diamond moves down to $7.25 per share from $10.50 previously, Transocean moves to $6.75 from $6.50, Ensco moves to $10.25 from $15, and Noble to $1.50 from $2.50. Our no-moat ratings for each of the names remain unchanged. With the exception of Transocean, our fair value estimates are moving significantly down as a result of more pessimistic long-term industry assumptions. In the floater market, we now forecast a midcycle (2028) rig supply of 240 rigs, about in line with year-end 2018 leve...

Preston Caldwell

Morningstar | Adjusting Offshore Driller Fair Value Estimates on Revised Long-Term Rig Market Assumptions. See Updated Analyst Note from 28 May 2019

After reviewing our long-term forecasts, we are revising our fair value estimates for offshore drillers. Diamond moves down to $7.25 per share from $10.50 previously, Transocean moves to $6.75 from $6.50, Ensco moves to $10.25 from $15, and Noble to $1.50 from $2.50. Our no-moat ratings for each of the names remain unchanged. With the exception of Transocean, our fair value estimates are moving significantly down as a result of more pessimistic long-term industry assumptions. In the floater market, we now forecast a midcycle (2028) rig supply of 240 rigs, about in line with year-end 2018 leve...

Moody's appends limited default designation to Valaris plc's PDR

Announcement: Moody's appends limited default designation to Valaris plc's PDR. Global Credit Research- 02 Jul 2020. New York, July 02, 2020-- Moody's Investors Service appended a limited default designation to Valaris plc's Probability of Default Rating, changing it to Caa3-PD/LD.

Valaris plc: Update following downgrade to Caa3

Untenable capital structure and distressed debt exchange risk remains the key impediment for ratings.

Moody's announces completion of a periodic review of ratings of Valaris plc

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Valaris plc. Global Credit Research- 02 Apr 2020. New York, April 02, 2020-- Moody's Investors Service has completed a periodic review of the ratings of Valaris plc and other ratings that are associated with the same analytical unit.

Moody's downgrades Valaris to Caa3

Rating Action: Moody's downgrades Valaris to Caa3. Global Credit Research- 20 Mar 2020. Approximately $6 billion of rated debt affected.

Valaris plc: Valaris’ assumption of Rowan notes provides clarity around priority of claims

The assumption of Rowan unsecured notes simplifies Valaris' capital structure

Due to a more favourable environment, VALARIS PLC. slightly increases to Slightly Negative

VALARIS PLC. (US), a company active in the Oil Equipment & Services industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Slightly Negative even if it remains under pressure. As of the analysis date May 5, 2020, the closing price was USD 0.42 and its target price was estimated at USD 0.30.

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