Borr Drilling (NYSE:BORR) Director Sells $37,600,000.00 in Stock

Borr Drilling Limited (NYSE:BORR) Director Thiago Mordehachvili sold 8,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the sale, the director owned 38,199,677 shares in the company, valued at $179,538,481.90. This represents a 17.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Borr Drilling Trading Down 6.7%

NYSE BORR opened at $4.56 on Wednesday. The firm’s 50 day moving average price is $5.68 and its two-hundred day moving average price is $5.01. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. Borr Drilling Limited has a twelve month low of $1.79 and a twelve month high of $6.66. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 30.37 and a beta of 0.96.

Borr Drilling (NYSE:BORR) last issued its earnings results 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 return on equity of 2.88% and a net margin of 3.13%.The business had revenue of $247.00 million during the quarter, compared to analyst estimates of $253.35 million.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Citigroup boosted their target price on Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Weiss Ratings lowered Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Finally, Wall Street Zen downgraded shares of Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $4.33.

Hedge Funds Weigh In On Borr Drilling

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System boosted its stake in Borr Drilling by 18.2% in the 4th quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after buying an additional 2,529 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Borr Drilling by 9.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,278 shares of the company’s stock worth $121,000 after acquiring an additional 2,560 shares during the last quarter. Abel Hall LLC grew its stake in shares of Borr Drilling by 11.3% during the first quarter. Abel Hall LLC now owns 25,262 shares of the company’s stock valued at $146,000 after purchasing an additional 2,566 shares during the last quarter. SG Americas Securities LLC boosted its position in Borr Drilling by 7.8% in the 1st quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock valued at $235,000 after buying an additional 2,963 shares during the last quarter. Finally, Mariner LLC boosted its holdings in Borr Drilling by 13.1% in the fourth quarter. Mariner LLC now owns 26,623 shares of the company’s stock valued at $107,000 after acquiring an additional 3,094 shares during the last quarter. 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.