Lazard Asset Management LLC Purchases New Stake in Borr Drilling Limited $BORR

Lazard Asset Management LLC acquired a new position in Borr Drilling Limited (NYSE:BORR) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 374,429 shares of the company’s stock, valued at approximately $2,160,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BORR. Caitong International Asset Management Co. Ltd grew its position in shares of Borr Drilling by 2,435.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after acquiring an additional 8,133 shares during the period. Abel Hall LLC bought a new stake in shares of Borr Drilling in the 3rd quarter worth approximately $43,000. Oxford Asset Management LLP bought a new stake in shares of Borr Drilling in the 2nd quarter worth approximately $43,000. Inspire Advisors LLC bought a new position in Borr Drilling during the fourth quarter valued at $44,000. Finally, Focus Partners Wealth bought a new position in Borr Drilling during the third quarter valued at $45,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BORR shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Wall Street Zen downgraded Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Capital One Financial set a $6.00 price objective on Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Finally, Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a research report on Thursday, July 2nd. Two investment 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4.88.

Insiders Place Their Bets

In other news, Director Thiago Mordehachvili sold 8,000,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was 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 $179,538,481.90. This represents a 17.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 7.90% of the stock is owned by insiders.

Borr Drilling Trading Down 0.1%

NYSE:BORR opened at $4.03 on Monday. Borr Drilling Limited has a 1 year low of $1.86 and a 1 year high of $6.66. The stock’s fifty day moving average price is $4.48 and its two-hundred day moving average price is $5.13. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $1.27 billion, a P/E ratio of 26.83 and a beta of 1.00.

Borr Drilling (NYSE:BORR) last released 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). The company had revenue of $247.00 million for the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. As a group, analysts expect that Borr Drilling Limited will post -0.13 EPS for the current year.

About Borr Drilling

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.