Borr Drilling Limited (NYSE:BORR) Receives Average Rating of “Moderate Buy” from Brokerages

Borr Drilling Limited (NYSE:BORR) has received an average rating of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $4.8833.

A number of research analysts have commented on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Borr Drilling in a research note on Wednesday, June 24th. Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Wall Street Zen downgraded Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Finally, Capital One Financial set a $6.00 price objective on Borr Drilling and gave the company an “overweight” rating in a report on Wednesday, July 1st.

Borr Drilling Stock Performance

Borr Drilling stock opened at $4.23 on Friday. The stock has a market cap of $1.34 billion, a P/E ratio of 28.23 and a beta of 1.00. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.82. The stock has a 50 day moving average of $4.68 and a 200-day moving average of $5.13. Borr Drilling has a 52 week low of $1.86 and a 52 week high of $6.66.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $247.00 million for the quarter, compared to analyst estimates of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%. On average, analysts expect that Borr Drilling will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Thiago Mordehachvili sold 8,000,000 shares of Borr Drilling stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total value of $37,600,000.00. Following the completion of the transaction, the director owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. This trade represents a 17.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Borr Drilling

Large investors have recently added to or reduced their stakes in the company. Glenorchy Capital Ltd acquired a new position in shares of Borr Drilling in the 4th quarter valued at about $2,484,000. Jennison Associates LLC acquired a new stake in Borr Drilling during the fourth quarter worth about $856,000. Tudor Investment Corp ET AL lifted its holdings in Borr Drilling by 77.7% in the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock worth $1,768,000 after acquiring an additional 287,428 shares during the last quarter. TT International Asset Management LTD bought a new position in Borr Drilling in the fourth quarter worth about $1,024,000. Finally, GeoSphere Capital Management LLC acquired a new position in Borr Drilling in the fourth quarter valued at approximately $5,582,000. 83.12% of the stock is currently owned by institutional investors.

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.