Vontobel Holding Ltd. increased its stake in shares of Borr Drilling Limited (NYSE:BORR – Free Report) by 89.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 444,000 shares of the company’s stock after acquiring an additional 210,000 shares during the period. Vontobel Holding Ltd. owned about 0.14% of Borr Drilling worth $1,727,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Optiver Holding B.V. boosted its stake in Borr Drilling by 186.4% in the 1st quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock worth $29,000 after purchasing an additional 3,293 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings 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 purchasing an additional 8,133 shares in the last quarter. Fortitude Family Office LLC increased its holdings in Borr Drilling by 11,940.8% during the 3rd quarter. Fortitude Family Office LLC now owns 8,549 shares of the company’s stock worth $33,000 after purchasing an additional 8,478 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Borr Drilling in the 3rd quarter valued at about $41,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Borr Drilling in the 1st quarter valued at about $66,000. 83.12% of the stock is owned by institutional investors.
Insider Activity
In related news, COO Harvey Snowling acquired 300,000 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The stock was bought at an average price of $4.91 per share, for a total transaction of $1,473,000.00. Following the acquisition, the chief operating officer directly owned 445,944 shares of the company’s stock, valued at approximately $2,189,585.04. The trade was a 205.56% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey Currie acquired 125,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the acquisition, the director directly owned 479,423 shares in the company, valued at $1,922,486.23. This represents a 35.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 7.90% of the company’s stock.
Borr Drilling Stock Performance
Shares of BORR stock opened at $4.45 on Tuesday. Borr Drilling Limited has a 12 month low of $2.60 and a 12 month high of $6.66. The company’s fifty day simple moving average is $4.39 and its 200-day simple moving average is $4.78. The firm has a market cap of $1.40 billion, a PE ratio of -5.70 and a beta of 1.08. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 2.58.
Borr Drilling (NYSE:BORR – Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.58). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. The business had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. Equities research analysts expect that Borr Drilling Limited will post -0.48 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the company. Weiss Ratings upgraded Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 9th. Zacks Research cut Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. SEB Equity Research set a $3.55 price objective on Borr Drilling in a report on Monday, August 17th. Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Capital One Financial set a $6.00 target price on Borr Drilling and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.27.
Read Our Latest Stock Report on BORR
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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