Brokerages Set Borr Drilling Limited (NYSE:BORR) Price Target at $4.88

Borr Drilling Limited (NYSE:BORR) has been assigned an average rating of “Moderate Buy” from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $4.8833.

Several equities analysts recently weighed in on the company. 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 target price on Borr Drilling and gave the company an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings restated a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Zacks Research raised Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Finally, Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st.

Insider Transactions at Borr Drilling

In other Borr Drilling news, Director Thiago Mordehachvili sold 8,000,000 shares of Borr Drilling stock in a transaction dated 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 transaction, the director owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. The trade was a 17.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 7.90% of the company’s stock.

Institutional Trading of Borr Drilling

Several large investors have recently modified their holdings of BORR. Empowered Funds LLC raised its position in shares of Borr Drilling by 115.2% during the 1st 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 during the last quarter. Optiver Holding B.V. grew its holdings in Borr Drilling by 186.4% during the 1st quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock valued at $29,000 after buying an additional 3,293 shares during the last quarter. Amundi acquired a new stake in Borr Drilling during the 1st quarter valued at $134,000. Regal Partners Ltd purchased a new position in Borr Drilling during the first quarter worth $849,000. Finally, Quantinno Capital Management LP purchased a new position in Borr Drilling during the first quarter worth $183,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Trading Up 0.9%

Shares of BORR opened at $4.03 on Friday. Borr Drilling has a twelve month low of $1.86 and a twelve month high of $6.66. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $1.27 billion, a P/E ratio of 26.83 and a beta of 1.00. The firm’s 50-day moving average is $4.48 and its two-hundred day moving average is $5.13.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results 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 analyst estimates of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. On average, research analysts predict that Borr Drilling will post -0.13 earnings per share for the current fiscal year.

Borr Drilling Company 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.