Borr Drilling Limited (NYSE:BORR – Get Free Report) was the target of some unusual options trading activity on Friday. Stock investors purchased 7,756 put options on the stock. This represents an increase of approximately 294% compared to the average daily volume of 1,968 put options.
Wall Street Analysts Forecast Growth
BORR has been the subject of several analyst reports. Wall Street Zen cut Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Weiss Ratings raised Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 9th. Capital One Financial set a $6.00 price target on Borr Drilling and gave the company an “overweight” rating in a report on Wednesday, July 1st. Zacks Research cut Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th. Finally, SEB Equity Research set a $3.55 price target on Borr Drilling in a research note on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.27.
View Our Latest Research Report on BORR
Insider Buying and Selling at Borr Drilling
In other news, Director Jeffrey Currie acquired 125,000 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the completion of the acquisition, the director owned 479,423 shares in the company, valued at $1,922,486.23. This trade represents a 35.27% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harvey Snowling purchased 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were purchased at an average price of $4.91 per share, for a total transaction of $1,473,000.00. Following the purchase, the chief operating officer directly owned 445,944 shares in the company, valued at $2,189,585.04. The trade was a 205.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 7.90% of the company’s stock.
Hedge Funds Weigh In On Borr Drilling
Several hedge funds have recently added to or reduced their stakes in BORR. Abel Hall LLC raised its stake in shares of Borr Drilling by 11.3% during the first quarter. Abel Hall LLC now owns 25,262 shares of the company’s stock valued at $146,000 after purchasing an additional 2,566 shares during the period. SG Americas Securities LLC boosted its stake in shares of Borr Drilling by 7.8% in the first quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock valued at $235,000 after purchasing an additional 2,963 shares during the period. AXQ Capital LP boosted its stake in shares of Borr Drilling by 2.6% in the second quarter. AXQ Capital LP now owns 124,639 shares of the company’s stock valued at $515,000 after purchasing an additional 3,180 shares during the period. Optiver Holding B.V. grew its holdings in Borr Drilling by 186.4% during the 1st quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock valued at $29,000 after purchasing an additional 3,293 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Borr Drilling by 2,435.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after buying an additional 8,133 shares during the period. 83.12% of the stock is currently owned by hedge funds and other institutional investors.
Borr Drilling Price Performance
Shares of BORR stock traded up $0.01 during midday trading on Friday, reaching $4.55. 5,557,626 shares of the company traded hands, compared to its average volume of 7,039,962. The firm’s 50 day simple moving average is $4.37 and its two-hundred day simple moving average is $4.80. The firm has a market cap of $1.44 billion, a PE ratio of -5.87 and a beta of 1.08. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick ratio of 2.53. Borr Drilling has a 1-year low of $2.53 and a 1-year high of $6.66.
Borr Drilling (NYSE:BORR – Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.58). The firm had revenue of $232.30 million during the quarter, compared to analysts’ expectations of $245.96 million. Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. On average, equities research analysts expect that Borr Drilling will post -0.48 EPS for the current fiscal year.
Borr Drilling Company Profile
Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides drilling services to oil and gas companies. The company focuses primarily on jack-up rigs, which are mobile offshore drilling units used in relatively shallow waters for exploration, development and production drilling.
Borr Drilling owns and operates a fleet of modern jack-up rigs, including premium and high-specification units designed to work in a range of offshore environments. Its services support customers throughout the drilling life cycle, from exploratory wells to development and production activities.
Established in 2016 and headquartered in Hamilton, Bermuda, Borr Drilling expanded its fleet through the acquisition of jack-up rigs from Transocean in 2017.
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