Borr Drilling (NYSE:BORR) Shares Climb 6% – What’s Next?

Borr Drilling Limited (NYSE:BORR)’s stock price traded up 6% during trading on Friday. The company traded as high as $4.15 and last traded at $4.3250. Approximately 803,470 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 7,087,845 shares. The stock had previously closed at $4.08.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. SEB Equity Research set a $3.55 target price on Borr Drilling in a report on Monday, August 17th. Weiss Ratings raised shares of Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 9th. Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Finally, Capital One Financial set a $6.00 price target on Borr Drilling and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Borr Drilling presently has a consensus rating of “Hold” and an average price target of $5.27.

Borr Drilling Price Performance

The firm has a market capitalization of $1.38 billion, a P/E ratio of -5.60 and a beta of 1.08. The business has a fifty day moving average of $4.39 and a 200-day moving average of $4.75. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.53 and a current ratio of 2.53.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data 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). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. The company had revenue of $232.30 million for the quarter, compared to the consensus estimate of $245.96 million. On average, sell-side analysts forecast that Borr Drilling Limited will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Borr Drilling news, Director Jeffrey Currie bought 125,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average cost of $4.01 per share, for a total transaction of $501,250.00. Following the acquisition, the director directly owned 479,423 shares of the company’s stock, valued at $1,922,486.23. This trade represents a 35.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, COO Harvey Snowling acquired 300,000 shares of the business’s stock in a transaction dated Wednesday, October 14th. The shares were bought at an average price of $4.91 per share, with a total value of $1,473,000.00. Following the transaction, the chief operating officer directly owned 445,944 shares in the company, valued at approximately $2,189,585.04. The trade was a 205.56% increase in their position. The SEC filing for this purchase provides additional information. 7.90% of the stock is currently owned by insiders.

Institutional Trading of Borr Drilling

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Borr Drilling by 167.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock valued at $20,148,000 after purchasing an additional 2,185,639 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Borr Drilling during the 1st quarter worth about $12,061,000. Squarepoint Ops LLC boosted its position in Borr Drilling by 129.8% during the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock worth $5,771,000 after purchasing an additional 789,214 shares during the period. Empowered Funds LLC grew its stake in Borr Drilling by 115.2% in the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after buying an additional 761,433 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC grew its position in shares of Borr Drilling by 30.6% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock valued at $12,229,000 after purchasing an additional 496,302 shares during the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.