Valaris’ Stock (NYSE: VAL) Could Surpass $1 Due To Rising Demand For Oil and Gas

On Friday NYSE: VAL rose 162.12% to $0.9300 nearly reaching $1 mark. Obsessed buyers definitely increased its demand that led to the total volume of  $137,483,273 shares which was ten times bigger than the daily average. Pre-market value confirms that VAL manages to get even $1.54 at 7:14 AM EDT.

Not long ago Valaris announced the first quarter ended in March 2020 financial results.

Q1 2020 Financial Report

Negative $55.5 million quarterly change happened because of COVID-19 lockdown as the economy stopped demanding energy products. The cost of revenue surged by $100 000 only while operating expenses rose by $11.4k. Operating income steadily became negative again with $237.3 million.

Current market capitalization reaches $191.572 million, meaning it is sixteen times bigger than the actual value while its EPS stays negative at $15.4010.

Alex Krakowsky

Editor in Chief.Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life