Key Points
- Director Jeffrey Currie purchased 125,000 Borr Drilling shares at an average price of $4.01, investing $501,250 and increasing his direct stake by 35.27% to 479,423 shares.
- Borr Drilling shares rose 8.8% to open at $4.40, but the company reported a quarterly loss of $0.79 per share, missing estimates by $0.58, while revenue also fell short of expectations.
- Analyst sentiment is mixed but leans positive, with an average “Moderate Buy” rating and a $4.88 target price; institutional investors own approximately 83.12% of the stock.
Borr Drilling Limited (NYSE:BORR - Get Free Report) Director Jeffrey Currie bought 125,000 shares of Borr Drilling stock in a transaction dated Thursday, August 13th. The stock was purchased at an average cost of $4.01 per share, for a total transaction of $501,250.00. Following the completion of the acquisition, the director directly owned 479,423 shares of the company's stock, valued at approximately $1,922,486.23. The trade was a 35.27% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Borr Drilling Trading Up 8.8%
Shares of BORR opened at $4.40 on Friday. The stock has a market capitalization of $1.39 billion, a PE ratio of -5.64 and a beta of 1.02. The company's fifty day moving average is $4.26 and its 200 day moving average is $5.11. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. Borr Drilling Limited has a fifty-two week low of $2.28 and a fifty-two week high of $6.66.
Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.58). The business had revenue of $232.30 million during the quarter, compared to analysts' expectations of $245.96 million. Borr Drilling had a negative return on equity of 5.67% and a negative net margin of 23.98%. Sell-side analysts expect that Borr Drilling Limited will post -0.13 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
BORR has been the topic of a number of research reports. Capital One Financial set a $6.00 target price on shares of Borr Drilling and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Weiss Ratings cut Borr Drilling from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday. Zacks Research upgraded Borr Drilling to a "hold" rating in a report on Thursday, July 2nd. Fearnley Fonds raised Borr Drilling from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Finally, Wall Street Zen cut Borr Drilling from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Borr Drilling presently has an average rating of "Moderate Buy" and an average target price of $4.88.
Read Our Latest Stock Analysis on Borr Drilling
Institutional Trading of Borr Drilling
Hedge funds have recently modified their holdings of the company. Great Lakes Advisors LLC purchased a new position in Borr Drilling during the 2nd quarter worth approximately $85,000. Empowered Funds LLC boosted its position in Borr Drilling by 115.2% during the first 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 in the last quarter. Optiver Holding B.V. grew its holdings in Borr Drilling by 186.4% in the first 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 during the period. Amundi acquired a new stake in Borr Drilling in the 1st quarter valued at $134,000. Finally, Regal Partners Ltd acquired a new stake in shares of Borr Drilling in the first quarter valued at about $849,000. 83.12% of the stock is owned by hedge funds and other 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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