Borr Drilling Limited (NYSE:BORR – Get Free Report) COO Harvey Edward Snowling bought 300,000 shares of Borr Drilling stock in a transaction dated Wednesday, October 14th. The shares were acquired at an average price of $4.91 per share, with a total value of $1,473,000.00. Following the completion of the purchase, the chief operating officer owned 445,944 shares in the company, valued at approximately $2,189,585.04. The trade was a 205.56% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Borr Drilling Stock Up 0.5%
NYSE BORR traded up $0.03 on Friday, hitting $4.58. 3,682,193 shares of the stock traded hands, compared to its average volume of 7,028,054. 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 of $4.37 and a 200 day moving average of $4.80. Borr Drilling Limited has a twelve month low of $2.53 and a twelve month high of $6.66. The company has a market capitalization of $1.44 billion, a P/E ratio of -5.87 and a beta of 1.08.
Borr Drilling (NYSE:BORR – Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $232.30 million for the quarter, compared to the consensus estimate of $245.96 million. Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. As a group, analysts expect that Borr Drilling Limited will post -0.48 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on BORR shares. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. SEB Equity Research set a $3.55 price objective on shares of Borr Drilling in a research note on Monday, August 17th. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Weiss Ratings raised Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 9th. Finally, Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.27.
View Our Latest Stock Analysis on BORR
Institutional Investors Weigh In On Borr Drilling
Several hedge funds have recently made changes to their positions in BORR. Squarepoint Ops LLC increased its holdings in shares of Borr Drilling by 129.8% during the 2nd quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock valued at $5,771,000 after acquiring an additional 789,214 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its stake in shares of Borr Drilling by 30.6% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock worth $12,229,000 after purchasing an additional 496,302 shares during the period. Empowered Funds LLC lifted its position in shares of Borr Drilling by 115.2% during the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock worth $8,208,000 after purchasing an additional 761,433 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in 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 purchasing an additional 2,185,639 shares during the period. Finally, Lazard Asset Management LLC bought a new position in Borr Drilling in the 1st quarter worth approximately $2,160,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.
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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