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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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predicting the 7 stocks that will soar highest in the coming month.
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Valaris Jack-Up Reaches Angola, Prepares for Multi-Well Contract
Valaris Ltd. (VAL - Free Report) , an offshore drilling contractor, has stated that its jack-up rig, Valaris 144, has reached Angola to begin its new drilling assignment. The rig had completed its project in Corpus Christi, Texas, and began its journey to Angola in late January.
In 2024, Valaris announced that it has signed a deal with an undisclosed operator in Angola. The contract involves drilling one well offshore Angola, starting in the first quarter of 2025. The estimated duration of this contract is 45 days. The total contract value is estimated to be nearly $8.5 million.
Valaris 144 has also secured a 13-well contract with the same operator in Angola, with an estimated duration of 730 to 770 days. The contract is scheduled to begin in the second quarter of 2025. The total contract value is estimated to be between $149 million and $156 million.
VAL’s Zacks Rank and Key Picks
VAL currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the energy sector are Archrock Inc. (AROC - Free Report) , Matador Resources Corporation (MTDR - Free Report) and NextDecade Corporation (NEXT - Free Report) . Archrock currently sports a Zacks Rank #1 (Strong Buy), while Matador Resources and NextDecade carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Matador Resources is a leading U.S.-based exploration and production firm. The company has consistently exceeded production expectations, demonstrating operational efficiency and robust growth. MTDR’s production efficiency, combined with the favorable oil price environment, is expected to positively impact its bottom line.
NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. The demand for LNG as a clean burning fuel continues to grow, and the commodity is expected to play a crucial role in the energy transition process. The company’s focus on expanding its liquefaction capacity is expected to enhance its position in the rapidly growing global LNG market, enabling it to meet the rising demand for natural gas.