Key Points
- Borr Drilling Director Thiago Mordehachvili sold 8 million shares on June 9 at an average price of $4.70, totaling about $37.6 million. After the sale, he still held roughly 38.2 million shares.
- The company recently reported weaker-than-expected quarterly results, posting a loss of $0.09 per share versus analysts’ estimate of a $0.02 loss, while revenue of $247 million also came in below expectations.
- Analyst sentiment remains mixed but cautious, with a consensus rating of “Hold” and an average price target of $4.33. Recent moves included downgrades from Wall Street Zen and Weiss Ratings, even as Citigroup slightly raised its target to $6.25.
Borr Drilling Limited (NYSE:BORR - Get Free Report) Director Thiago Mordehachvili sold 8,000,000 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Borr Drilling Stock Performance
Shares of NYSE BORR opened at $4.53 on Thursday. The firm's 50-day moving average price is $5.65 and its 200-day moving average price is $5.02. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82. The company has a market cap of $1.43 billion, a PE ratio of 30.17 and a beta of 0.96. Borr Drilling Limited has a 52-week low of $1.79 and a 52-week high of $6.66.
Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.07). The company had revenue of $247.00 million for the quarter, compared to analysts' expectations of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on BORR. Wall Street Zen downgraded shares of Borr Drilling from a "hold" rating to a "sell" rating in a report on Saturday, April 18th. Weiss Ratings downgraded shares of Borr Drilling from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday, March 27th. Citigroup raised their price target on shares of Borr Drilling from $6.00 to $6.25 and gave the company a "neutral" rating in a report on Wednesday, February 25th. Finally, Fearnley Fonds raised shares of Borr Drilling from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Borr Drilling currently has a consensus rating of "Hold" and a consensus price target of $4.33.
Read Our Latest Analysis on Borr Drilling
Institutional Trading of Borr Drilling
Several large investors have recently added to or reduced their stakes in BORR. Optiver Holding B.V. grew its position in Borr Drilling by 186.4% during the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company's stock valued at $29,000 after buying an additional 3,293 shares during the period. Baader Bank Aktiengesellschaft bought a new stake in Borr Drilling during the third quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd grew its position in Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company's stock valued at $34,000 after buying an additional 8,133 shares during the period. Federated Hermes Inc. bought a new stake in Borr Drilling during the third quarter valued at approximately $35,000. Finally, Interchange Capital Partners LLC bought a new stake in Borr Drilling during the third quarter valued at approximately $36,000. 83.12% of the stock is currently owned by institutional investors.
About Borr Drilling
(
Get Free Report)
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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