374,429 Shares in Borr Drilling Limited $BORR Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC acquired a new stake in Borr Drilling Limited (NYSE:BORR) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 374,429 shares of the company’s stock, valued at approximately $2,160,000. Lazard Asset Management LLC owned 0.12% of Borr Drilling as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of BORR. Glenorchy Capital Ltd acquired a new stake in Borr Drilling in the 4th quarter valued at $2,484,000. Jennison Associates LLC acquired a new position in Borr Drilling during the fourth quarter worth $856,000. TT International Asset Management LTD bought a new position in shares of Borr Drilling in the fourth quarter valued at $1,024,000. GeoSphere Capital Management LLC bought a new position in shares of Borr Drilling in the fourth quarter valued at $5,582,000. Finally, Goehring & Rozencwajg Associates LLC grew its holdings 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 valued at $12,229,000 after buying an additional 496,302 shares during the last quarter. Institutional investors own 83.12% of the company’s stock.

Insider Activity at Borr Drilling

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of Borr Drilling stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the sale, the director directly owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. This trade represents a 17.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 7.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BORR shares. Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a report on Thursday, July 2nd. Wall Street Zen lowered Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of Borr Drilling in a research note on Wednesday, June 24th. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.88.

Borr Drilling Stock Down 0.1%

Borr Drilling stock opened at $4.03 on Monday. Borr Drilling Limited has a fifty-two week low of $1.86 and a fifty-two week high of $6.66. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. The firm’s 50-day simple moving average is $4.48 and its 200 day simple moving average is $5.13. The stock has a market cap of $1.27 billion, a PE ratio of 26.83 and a beta of 1.00.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. The firm had revenue of $247.00 million during the quarter, compared to analysts’ expectations of $253.35 million. Research analysts predict that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

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.