Borr Drilling Limited (BORR) – What Are Investment Firms Saying About This Stock?

Shares of Borr Drilling Limited (NYSE:BORR) have been assigned an average recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $5.27.

A number of equities research analysts have commented on BORR shares. Weiss Ratings cut Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, October 26th. Zacks Research downgraded Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Finally, Wall Street Zen cut Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th.

Borr Drilling Stock Down 8.6%

Shares of BORR stock opened at $3.67 on Tuesday. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick ratio of 2.53. Borr Drilling has a one year low of $2.89 and a one year high of $6.66. The company’s fifty day moving average price is $4.34 and its 200-day moving average price is $4.87. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -4.71 and a beta of 1.08.

Borr Drilling (NYSE:BORR) last issued 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). The firm had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. Sell-side analysts expect that Borr Drilling will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Borr Drilling

Hedge funds have recently modified their holdings of the stock. Wedbush Securities Inc. bought a new position in shares of Borr Drilling during the third quarter worth $805,000. Sterling Capital Management LLC grew its stake in Borr Drilling by 315.2% during the third quarter. Sterling Capital Management LLC now owns 7,324 shares of the company’s stock valued at $28,000 after acquiring an additional 5,560 shares in the last quarter. Vontobel Holding Ltd. grew its stake in Borr Drilling by 89.7% during the third quarter. Vontobel Holding Ltd. now owns 444,000 shares of the company’s stock valued at $1,727,000 after acquiring an additional 210,000 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Borr Drilling during the third quarter valued at $41,000. Finally, Fortitude Family Office LLC increased its holdings in Borr Drilling by 11,940.8% in the 3rd quarter. Fortitude Family Office LLC now owns 8,549 shares of the company’s stock valued at $33,000 after acquiring an additional 8,478 shares during the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.