Borr Drilling Limited (NYSE:BORR – Get Free Report)’s share price traded down 7.9% during trading on Thursday. The stock traded as low as $4.02 and last traded at $4.0450. 4,920,501 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 7,162,300 shares. The stock had previously closed at $4.39.
Analyst Upgrades and Downgrades
BORR has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Zacks Research downgraded Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th. Weiss Ratings cut Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday. Finally, SEB Equity Research set a $3.55 price target on Borr Drilling in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.27.
Read Our Latest Stock Report on BORR
Borr Drilling Price Performance
The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58. The stock has a 50-day moving average price of $4.35 and a two-hundred day moving average price of $4.87. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -5.13 and a beta of 1.08.
Borr Drilling (NYSE:BORR – Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. The business had revenue of $232.30 million for the quarter, compared to analysts’ expectations of $245.96 million. As a group, equities research analysts forecast that Borr Drilling Limited will post -0.51 EPS for the current year.
Insider Activity at Borr Drilling
In other Borr Drilling news, Director Jeffrey Currie bought 125,000 shares of Borr Drilling stock in a transaction dated Thursday, August 13th. The stock was acquired at an average cost of $4.01 per share, for a total transaction of $501,250.00. Following the completion of the transaction, the director directly owned 479,423 shares of the company’s stock, valued at approximately $1,922,486.23. This represents a 35.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Harvey Snowling acquired 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were acquired at an average cost of $4.91 per share, with a total value of $1,473,000.00. Following the purchase, the chief operating officer owned 445,944 shares in the company, valued at $2,189,585.04. This represents a 205.56% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 7.90% of the company’s stock.
Hedge Funds Weigh In On Borr Drilling
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in shares of Borr Drilling by 167.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock valued at $20,148,000 after buying an additional 2,185,639 shares during the period. Goehring & Rozencwajg Associates LLC increased its stake in Borr Drilling by 30.6% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock worth $12,229,000 after acquiring an additional 496,302 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Borr Drilling during the first quarter worth $12,061,000. Empowered Funds LLC raised its position in Borr Drilling by 115.2% in the first quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after purchasing an additional 761,433 shares during the period. Finally, Squarepoint Ops LLC raised its position in Borr Drilling by 129.8% in the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock valued at $5,771,000 after purchasing an additional 789,214 shares during the period. Institutional investors and hedge funds own 83.12% of the company’s stock.
About Borr Drilling
Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.
Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.
Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.
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