Borr Drilling (NYSE:BORR) Stock Sees Unusually High Put Option Buying

Borr Drilling Limited (NYSE:BORR) saw some unusual options trading activity on Friday. Stock investors purchased 7,756 put options on the stock. This is an increase of approximately 294% compared to the typical daily volume of 1,968 put options.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 9th. SEB Equity Research set a $3.55 price target on Borr Drilling in a research note on Monday, August 17th. Capital One Financial set a $6.00 price target on Borr Drilling and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Zacks Research lowered Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. Two equities research 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 stock. According to data from MarketBeat.com, Borr Drilling has a consensus rating of “Hold” and an average target price of $5.27.

Insider Activity at Borr Drilling

In other Borr Drilling news, Director Jeffrey Currie purchased 125,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was acquired at an average cost of $4.01 per share, with a total value of $501,250.00. Following the completion of the purchase, the director directly owned 479,423 shares in the company, valued at approximately $1,922,486.23. This represents a 35.27% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Harvey Snowling purchased 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were acquired at an average cost of $4.91 per share, with a total value of $1,473,000.00. Following the completion of 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 7.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Borr Drilling

Hedge funds have recently bought and sold shares of the company. Vontobel Holding Ltd. increased its position in shares of Borr Drilling by 89.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 444,000 shares of the company’s stock valued at $1,727,000 after buying an additional 210,000 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Borr Drilling during the third quarter worth about $41,000. Fortitude Family Office LLC lifted its holdings in Borr Drilling by 11,940.8% during the third quarter. Fortitude Family Office LLC now owns 8,549 shares of the company’s stock worth $33,000 after acquiring an additional 8,478 shares in the last quarter. Squarepoint Ops LLC grew its stake in Borr Drilling by 129.8% in the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock valued at $5,771,000 after acquiring an additional 789,214 shares during the period. Finally, AXQ Capital LP grew its stake in Borr Drilling by 2.6% in the second quarter. AXQ Capital LP now owns 124,639 shares of the company’s stock valued at $515,000 after acquiring an additional 3,180 shares during the period. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Trading Down 0.3%

Shares of Borr Drilling stock traded down $0.01 during trading on Friday, hitting $4.54. 9,100,259 shares of the company were exchanged, compared to its average volume of 8,339,664. 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 firm has a market capitalization of $1.43 billion, a P/E ratio of -5.81 and a beta of 1.08. The firm’s fifty day moving average price is $4.38 and its 200 day moving average price is $4.80. Borr Drilling has a 1-year low of $2.53 and a 1-year high of $6.66.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $232.30 million during the quarter, compared to analyst estimates of $245.96 million. As a group, sell-side analysts expect that Borr Drilling will post -0.48 earnings per share for the current fiscal year.

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.