Borr Drilling (NYSE:BORR) Shares Gap Up – Time to Buy?

Borr Drilling Limited (NYSE:BORR)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $4.30, but opened at $4.45. Borr Drilling shares last traded at $4.3050, with a volume of 323,591 shares trading hands.

Analyst Ratings Changes

A number of brokerages have commented on BORR. Weiss Ratings cut shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, August 12th. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the company an “overweight” rating in a report on Wednesday, July 1st. SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Zacks Research upgraded Borr Drilling to a “hold” rating in a research report on Thursday, July 2nd. Finally, Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Borr Drilling currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.27.

Borr Drilling Stock Up 0.8%

The company has a 50-day simple moving average of $4.30 and a 200 day simple moving average of $5.02. The company has a market cap of $1.37 billion, a P/E ratio of -5.57 and a beta of 1.03. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58.

Borr Drilling (NYSE:BORR) last released its 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). The business had revenue of $232.30 million during the quarter, compared to analysts’ expectations of $245.96 million. Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. On average, equities analysts anticipate that Borr Drilling Limited will post -0.13 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey Currie acquired 125,000 shares of the stock in a transaction on Thursday, August 13th. The stock was bought at an average cost of $4.01 per share, with a total value of $501,250.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 7.90% of the stock is owned by insiders.

Institutional Trading of Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of BORR. California State Teachers Retirement System boosted its holdings in shares of Borr Drilling by 18.2% in the fourth quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after purchasing an additional 2,529 shares during the period. Abel Hall LLC increased its holdings in Borr Drilling by 11.3% during the 1st quarter. Abel Hall LLC now owns 25,262 shares of the company’s stock worth $146,000 after purchasing an additional 2,566 shares during the period. SG Americas Securities LLC raised its position in Borr Drilling by 7.8% during the 1st quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock valued at $235,000 after purchasing an additional 2,963 shares in the last quarter. Mariner LLC raised its position in Borr Drilling by 13.1% during the 4th quarter. Mariner LLC now owns 26,623 shares of the company’s stock valued at $107,000 after purchasing an additional 3,094 shares in the last quarter. Finally, AXQ Capital LP lifted its holdings in shares of Borr Drilling by 2.6% in the 2nd quarter. AXQ Capital LP now owns 124,639 shares of the company’s stock worth $515,000 after buying an additional 3,180 shares during the period. Institutional investors own 83.12% of the company’s stock.

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.