Insider Selling: Borr Drilling (NYSE:BORR) Director Sells 8,000,000 Shares of Stock

Borr Drilling Limited (NYSE:BORR) Director Thiago Mordehachvili sold 8,000,000 shares of the business’s 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 transaction, the director directly owned 38,199,677 shares of the company’s stock, valued at $179,538,481.90. The trade was a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Borr Drilling Stock Performance

Shares of BORR stock opened at $4.56 on Wednesday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63. Borr Drilling Limited has a 12-month low of $1.79 and a 12-month high of $6.66. The business has a 50 day simple moving average of $5.68 and a 200 day simple moving average of $5.01. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 30.37 and a beta of 0.96.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. The business had revenue of $247.00 million for the quarter, compared to analyst estimates of $253.35 million.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BORR. Citigroup raised their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Finally, Weiss Ratings lowered Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Borr Drilling has a consensus rating of “Hold” and an average target price of $4.33.

Institutional Trading of Borr Drilling

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glenorchy Capital Ltd acquired a new stake in shares of Borr Drilling during the 4th quarter valued at $2,484,000. Jennison Associates LLC acquired a new position in shares of Borr Drilling in the 4th quarter worth $856,000. Tudor Investment Corp ET AL raised its position in shares of Borr Drilling by 77.7% during the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock worth $1,768,000 after purchasing an additional 287,428 shares during the period. DNB Asset Management AS lifted its holdings in shares of Borr Drilling by 22,394.8% during the third quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock valued at $10,424,000 after purchasing an additional 3,857,948 shares during the last quarter. Finally, TT International Asset Management LTD acquired a new position in shares of Borr Drilling in the 4th quarter valued at $1,024,000. 83.12% of the stock is owned by institutional investors and hedge funds.

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.