NYSE:VALEnergy Services
Valaris (VAL) Stock Rebound Runs Into Falling Revenue And Merger Uncertainty
Valaris stock inched up 2% to US$78.78 after the Q2 print, a modest move for a driller that has already seen a double digit slide over the past three months. The headline is earnings power snapping back into the black. Basic earnings per share swung from a loss in Q1 to US$0.73 in Q2 on revenue of US$539.2m.
That short term pop sits against a more complicated longer view. Valaris appears inexpensive on a trailing P/E of 5.8x, while analysts project sharp earnings declines over the next few...