Borr Drilling (NYSE:BORR) Shares Climb 6% – Here’s Why

Borr Drilling Limited (NYSE:BORR)’s stock price shot up 6% during mid-day trading on Friday. The stock traded as high as $4.15 and last traded at $4.3250. Approximately 803,470 shares were traded during trading, a decline of 89% from the average session volume of 7,087,845 shares. The stock had previously closed at $4.08.

Analyst Ratings Changes

A number of brokerages have recently commented on BORR. SEB Equity Research set a $3.55 price objective on shares of Borr Drilling in a research report on Monday, August 17th. Weiss Ratings raised Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 9th. Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Zacks Research lowered Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.27.

Borr Drilling Price Performance

The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick ratio of 2.53. The stock’s 50 day simple moving average is $4.39 and its two-hundred day simple moving average is $4.75. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of -5.60 and a beta of 1.08.

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 the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. The business had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. On average, analysts forecast that Borr Drilling Limited will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Borr Drilling

In related news, Director Jeffrey Currie acquired 125,000 shares of the company’s stock in a transaction on 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 purchase, the director directly owned 479,423 shares of the company’s stock, valued at $1,922,486.23. The trade was a 35.27% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Harvey Snowling bought 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were purchased at an average price of $4.91 per share, with a total value of $1,473,000.00. Following the transaction, the chief operating officer directly owned 445,944 shares in the company, valued at $2,189,585.04. This represents a 205.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 7.90% of the company’s stock.

Institutional Trading of Borr Drilling

Several large investors have recently made changes to their positions in BORR. Squarepoint Ops LLC raised its stake in shares of Borr Drilling by 129.8% in the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock worth $5,771,000 after acquiring an additional 789,214 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its position in shares of Borr Drilling by 30.6% during the first 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 in the last quarter. Empowered Funds LLC lifted its position in shares of 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. Dimensional Fund Advisors LP grew its stake in shares of Borr Drilling by 167.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock valued at $20,148,000 after purchasing an additional 2,185,639 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Borr Drilling during the first quarter valued at approximately $2,160,000. Institutional investors own 83.12% of the company’s stock.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.