Key Points
- Borr Drilling COO Harvey Snowling bought 300,000 shares at an average price of $4.91, investing approximately $1.47 million and increasing his position by 205.56%.
- BORR shares traded around $4.54, while the company reported a quarterly loss of $0.79 per share and revenue of $232.3 million, missing analyst expectations on both measures.
- Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $5.27; institutional investors own approximately 83.12% of the company.
Borr Drilling Limited (NYSE:BORR - Get Free Report) COO Harvey Snowling purchased 300,000 shares of the stock in a transaction that occurred on Wednesday, October 14th. The stock was acquired at an average cost of $4.91 per share, with a total value of $1,473,000.00. Following the acquisition, the chief operating officer owned 445,944 shares in the company, valued at $2,189,585.04. The trade was a 205.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.
Borr Drilling Trading Down 0.3%
BORR stock traded down $0.01 during mid-day trading on Friday, reaching $4.54. 9,100,259 shares of the stock traded hands, compared to its average volume of 8,339,664. Borr Drilling Limited has a one year low of $2.53 and a one year high of $6.66. The stock has a market capitalization of $1.43 billion, a PE ratio of -5.81 and a beta of 1.08. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.53 and a current ratio of 2.53. The business has a 50-day moving average price of $4.38 and a two-hundred day moving average price of $4.80.
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 analysts' consensus estimates of ($0.21) by ($0.58). The company had revenue of $232.30 million for the quarter, compared to analysts' expectations of $245.96 million. Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. Equities research analysts expect that Borr Drilling Limited will post -0.48 EPS for the current year.
Wall Street Analysts Forecast Growth
BORR has been the topic of several analyst reports. SEB Equity Research set a $3.55 price target on shares of Borr Drilling in a report on Monday, August 17th. Wall Street Zen lowered Borr Drilling from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. 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. Finally, Capital One Financial set a $6.00 target price on Borr Drilling and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $5.27.
View Our Latest Research Report on Borr Drilling
Institutional Trading of Borr Drilling
A number of hedge funds have recently modified their holdings of the stock. Encompass Capital Advisors LLC acquired a new position in shares of Borr Drilling in the 4th quarter valued at $14,326,000. Dimensional Fund Advisors LP grew its holdings 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 worth $20,148,000 after purchasing an additional 2,185,639 shares during the period. Goehring & Rozencwajg Associates LLC grew its holdings in shares of Borr Drilling by 30.6% during the 1st 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. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Borr Drilling during the 1st quarter worth $12,061,000. Finally, Empowered Funds LLC increased 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. Hedge funds and other institutional investors own 83.12% of the company's stock.
Borr Drilling Company Profile
(
Get Free Report)
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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