Borr Drilling Limited $BORR Shares Bought by Empowered Funds LLC

Empowered Funds LLC raised its position in Borr Drilling Limited (NYSE:BORR) by 115.2% during the first quarter, HoldingsChannel.com reports. The firm owned 1,422,598 shares of the company’s stock after buying an additional 761,433 shares during the quarter. Empowered Funds LLC’s holdings in Borr Drilling were worth $8,208,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of BORR. AQR Capital Management LLC acquired a new position in Borr Drilling during the first quarter valued at approximately $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Borr Drilling by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock worth $309,000 after buying an additional 6,012 shares during the period. Millennium Management LLC increased its position in shares of Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Borr Drilling in the first quarter worth $186,000. Finally, Creative Planning raised its stake in shares of Borr Drilling by 13.1% in the 2nd quarter. Creative Planning now owns 229,786 shares of the company’s stock valued at $421,000 after acquiring an additional 26,541 shares during the period. 83.12% of the stock is owned by institutional investors and hedge funds.

Borr Drilling Stock Up 0.9%

NYSE BORR opened at $4.03 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82. Borr Drilling Limited has a fifty-two week low of $1.86 and a fifty-two week high of $6.66. The business has a 50 day moving average price of $4.48 and a two-hundred day moving average price of $5.13. The stock has a market cap of $1.27 billion, a PE ratio of 26.83 and a beta of 1.00.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data 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). Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. The firm had revenue of $247.00 million for the quarter, compared to analysts’ expectations of $253.35 million. As a group, sell-side analysts predict that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BORR shares. Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a report on Thursday, July 2nd. Wall Street Zen cut shares of Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Capital One Financial set a $6.00 price target on Borr Drilling and gave the company an “overweight” rating in a report on Wednesday, July 1st. Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Borr Drilling in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $4.88.

Insiders Place Their Bets

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the director directly owned 38,199,677 shares of the company’s stock, valued at approximately $179,538,481.90. This trade represents a 17.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.90% of the company’s stock.

Borr Drilling Profile

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.