Valaris stock saw an improvement in its IBD SmartSelect Composite Rating Tuesday, from 94 to 96. The oil & gas drilling services stock sports a Relative Strength Rating of 98.
The new score means the company is now outperforming 96% of all stocks in terms of the most important fundamental and technical stock-picking criteria.
Valaris stock has now climbed above a proper buy zone after clearing the 60.23 entry in a cup with handle and is currently extended. Try not to chase extended stocks as the chances of pulling back is greater.
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One weak spot is the company's 78 EPS Rating, which tracks quarterly and annual earnings growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of A- shows heavy buying by institutional investors, such as mutual funds and pension funds, over the last 13 weeks.
Valaris stock earns the No. 3 rank among its peers in the Oil & Gas-Drilling industry group. ChampionX is the No. 1-ranked stock within the group.
