Borr Drilling (NYSE:BORR) Shares Gap Up – Here’s What Happened

Shares of Borr Drilling Limited (NYSE:BORR) gapped up prior to trading on Thursday . The stock had previously closed at $4.30, but opened at $4.45. Borr Drilling shares last traded at $4.3050, with a volume of 323,591 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BORR. Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Zacks Research upgraded Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Capital One Financial set a $6.00 target price on shares of Borr Drilling and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Finally, Weiss Ratings cut shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Borr Drilling currently has an average rating of “Moderate Buy” and an average price target of $5.27.

Borr Drilling Stock Down 2.4%

The stock’s 50 day moving average price is $4.29 and its 200-day moving average price is $5.00. The company has a market cap of $1.35 billion, a PE ratio of -5.47 and a beta of 1.03. 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 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 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 analysts’ expectations of $245.96 million. On average, analysts predict that Borr Drilling Limited will post -0.13 earnings per share for the current year.

Insider Activity at Borr Drilling

In other Borr Drilling news, Director Jeffrey Currie purchased 125,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the completion of the purchase, the director directly owned 479,423 shares of the company’s stock, valued at $1,922,486.23. The trade was a 35.27% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 7.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC bought a new stake in shares of Borr Drilling during the 1st quarter valued at $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Borr Drilling by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock worth $309,000 after acquiring an additional 6,012 shares in the last quarter. Millennium Management LLC increased its stake in shares of Borr Drilling by 1,025.5% in the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Borr Drilling during the 1st quarter valued at about $186,000. Finally, Creative Planning lifted its position in Borr Drilling by 13.1% during the 2nd quarter. Creative Planning now owns 229,786 shares of the company’s stock valued at $421,000 after acquiring an additional 26,541 shares during the period. Hedge funds and other 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.