Borr Drilling Limited’s (NASDAQ:BORR) Lock-Up Period To End Tomorrow

Borr Drilling’s (NASDAQ:BORR) lock-up period will expire on Monday, January 27th. Borr Drilling had issued 5,000,000 shares in its IPO on July 31st. The total size of the offering was $46,500,000 based on an initial share price of $9.30. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Several brokerages have commented on BORR. Goldman Sachs Group began coverage on shares of Borr Drilling in a report on Monday, December 9th. They set a “buy” rating on the stock. HSBC downgraded shares of Borr Drilling from a “buy” rating to a “hold” rating in a report on Friday, December 6th.

Shares of BORR stock opened at $6.90 on Friday. The business’s 50 day moving average is $8.03. Borr Drilling has a 52 week low of $4.60 and a 52 week high of $16.15.

Borr Drilling (NASDAQ:BORR) last announced its earnings results on Tuesday, November 26th. The company reported ($0.72) EPS for the quarter. The business had revenue of $102.70 million for the quarter.

Hedge funds have recently made changes to their positions in the business. Artemis Investment Management LLP acquired a new stake in Borr Drilling during the 4th quarter worth approximately $70,196,000. Pelham Capital Ltd. acquired a new stake in shares of Borr Drilling in the third quarter valued at approximately $23,174,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Borr Drilling in the third quarter valued at approximately $35,000. Millennium Management LLC acquired a new stake in shares of Borr Drilling in the third quarter valued at approximately $428,000. Finally, Barclays PLC acquired a new stake in shares of Borr Drilling in the third quarter valued at approximately $131,000.

Borr Drilling Company Profile

Borr Drilling Limited operates as an offshore drilling contractor to the oil and gas industry worldwide. As of December 31, 2018, the company operated a fleet of 27 jack-up drilling rigs. It provides drilling services to the oil and gas exploration and production industry. The company was formerly known as Magni Drilling Limited.

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