Borr Drilling (NYSE:BORR) Shares Up 5% – Should You Buy?

Borr Drilling Limited (NYSE:BORR)’s share price rose 5% during trading on Thursday. The company traded as high as $4.53 and last traded at $4.5150. 1,937,750 shares traded hands during trading, a decline of 72% from the average daily volume of 6,832,861 shares. The stock had previously closed at $4.30.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BORR shares. SEB Equity Research set a $3.55 price objective on Borr Drilling in a report on Monday, August 17th. Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Capital One Financial set a $6.00 price target on Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Zacks Research downgraded shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. Finally, Weiss Ratings lowered shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.27.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.53 and a current ratio of 2.53. The stock’s 50-day moving average is $4.30 and its 200 day moving average is $4.83. The firm has a market cap of $1.51 billion, a P/E ratio of -6.12 and a beta of 1.08.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. The business had revenue of $232.30 million for the quarter, compared to the consensus estimate of $245.96 million. On average, research analysts predict that Borr Drilling Limited will post -0.48 earnings per share for the current year.

Insider Activity at Borr Drilling

In other Borr Drilling news, Director Jeffrey Currie acquired 125,000 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were acquired at an average price 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 approximately $1,922,486.23. This trade represents a 35.27% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Borr Drilling

Several hedge funds have recently bought and sold shares of BORR. Optiver Holding B.V. increased its holdings in Borr Drilling by 186.4% during the 1st quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock worth $29,000 after purchasing an additional 3,293 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Borr Drilling by 2,435.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after purchasing an additional 8,133 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Borr Drilling in the first quarter valued at about $66,000. Great Lakes Advisors LLC acquired a new position in shares of Borr Drilling during the second quarter worth about $85,000. Finally, Amundi acquired a new position in shares of Borr Drilling during the first quarter worth about $134,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Company Profile

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides drilling services to oil and gas companies. The company focuses primarily on jack-up rigs, which are mobile offshore drilling units used in relatively shallow waters for exploration, development and production drilling.

Borr Drilling owns and operates a fleet of modern jack-up rigs, including premium and high-specification units designed to work in a range of offshore environments. Its services support customers throughout the drilling life cycle, from exploratory wells to development and production activities.

Established in 2016 and headquartered in Hamilton, Bermuda, Borr Drilling expanded its fleet through the acquisition of jack-up rigs from Transocean in 2017.