Borr Drilling (NYSE:BORR) COO Harvey Edward Snowling Buys 300,000 Shares of Stock

Borr Drilling Limited (NYSE:BORR) COO Harvey Snowling acquired 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The stock was purchased at an average price of $4.91 per share, for a total transaction of $1,473,000.00. Following the purchase, the chief operating officer owned 445,944 shares of the company’s stock, valued at $2,189,585.04. The trade was a 205.56% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Borr Drilling Stock Performance

NYSE BORR traded down $0.01 during trading on Friday, hitting $4.54. 9,100,259 shares of the company’s stock traded hands, compared to its average volume of 8,339,664. 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 stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -5.81 and a beta of 1.08. Borr Drilling Limited has a 12-month low of $2.53 and a 12-month high of $6.66. The business has a 50 day moving average of $4.38 and a 200-day moving average of $4.80.

Borr Drilling (NYSE:BORR) last announced its quarterly 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 firm 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 5.95% and a negative net margin of 23.98%. As a group, equities research analysts anticipate that Borr Drilling Limited will post -0.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BORR shares. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Weiss Ratings upgraded Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 9th. SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Capital One Financial set a $6.00 target price on Borr Drilling and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen cut Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.27.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BORR. Dimensional Fund Advisors LP lifted its holdings in shares of Borr Drilling by 167.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock worth $20,148,000 after buying an additional 2,185,639 shares in the last quarter. Encompass Capital Advisors LLC purchased a new position in Borr Drilling during the fourth quarter valued at $14,326,000. Goehring & Rozencwajg Associates LLC increased its holdings in Borr Drilling by 30.6% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock valued at $12,229,000 after acquiring an additional 496,302 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Borr Drilling in the 1st quarter valued at $12,061,000. Finally, Empowered Funds LLC increased its holdings in Borr Drilling by 115.2% in the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after acquiring an additional 761,433 shares during the last quarter. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Company Profile

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.