It could very well be a valve. But it could also be an exhaust leak. Or.....A ticking fuel injector.
By your question if it is a piston failure or rod, I am going to assume you know little about the internal working of engines.
By all means, change the oil. But if that does not change the sound, take it to someone with a stethoscope and some knowledge. It is not necessarily an expensive problem. But it will take someone with a tuned ear, to suss it out.