How many wires going to it?
are you sure you don't have a servo value? That would be a unit that powers up with 24VAC but with another pair of wires to set the flow rate. Those units go bad via the feed back pot and they get stripped gears.
Usually, the pot goes first, a lot of hunting is done to get that pot to settle down and finally, the cheap gears can't take it any more and you end up getting erratic movements, chatters etc..
I don't know, just thinking out loud here. I know we have them in the steam control systems and the plumbers are always bitching about how they are crap. I had a look in side of a couple to see what the failures were on them.
Jamie