BTG Pactual Asset Management US LLC acquired a new stake in Borr Drilling Limited (NYSE:BORR – Free Report) in the second quarter, Holdings Channel reports. The firm acquired 371,870 shares of the company’s stock, valued at approximately $1,536,000.
Several other large investors have also recently added to or reduced their stakes in the business. Great Lakes Advisors LLC acquired a new stake in Borr Drilling during the 2nd quarter worth approximately $85,000. Empowered Funds LLC grew its stake in shares of Borr Drilling by 115.2% in the first quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock worth $8,208,000 after acquiring an additional 761,433 shares in the last quarter. Optiver Holding B.V. increased its position in shares of Borr Drilling by 186.4% during the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock worth $29,000 after acquiring an additional 3,293 shares during the period. Amundi purchased a new stake in shares of Borr Drilling during the first quarter worth $134,000. Finally, Regal Partners Ltd purchased a new stake in shares of Borr Drilling during the first quarter worth $849,000. 83.12% of the stock is owned by hedge funds and other institutional investors.
Borr Drilling Stock Up 0.4%
Shares of NYSE BORR opened at $4.47 on Monday. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -5.73 and a beta of 1.02. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick ratio of 2.53. The business has a 50-day moving average of $4.26 and a two-hundred day moving average of $5.08. Borr Drilling Limited has a 1 year low of $2.44 and a 1 year high of $6.66.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Weiss Ratings lowered Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, August 12th. Zacks Research upgraded Borr Drilling to a “hold” rating in a report on Thursday, July 2nd. Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Capital One Financial set a $6.00 price objective on Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Finally, SEB Equity Research set a $3.55 price objective on Borr Drilling in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $5.27.
Read Our Latest Stock Report on Borr Drilling
Insider Buying and Selling
In related news, Director Jeffrey Currie purchased 125,000 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were bought at an average cost of $4.01 per share, for a total transaction of $501,250.00. Following the completion of the purchase, the director directly owned 479,423 shares of the company’s stock, valued at approximately $1,922,486.23. This trade represents a 35.27% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thiago Mordehachvili sold 8,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the sale, the director directly owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. The trade was a 17.32% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 7.90% of the company’s stock.
Borr Drilling Profile
Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.
The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.
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