Borr Drilling (NYSE:BORR) Downgraded to Strong Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Borr Drilling (NYSE:BORR) from a sell rating to a strong sell rating in a report released on Saturday.

Several other equities research analysts have also recently commented on BORR. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Zacks Research raised Borr Drilling to a “hold” rating in a research report on Thursday, July 2nd. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Borr Drilling presently has an average rating of “Moderate Buy” and a consensus price target of $4.88.

Borr Drilling Stock Down 0.6%

Shares of Borr Drilling stock opened at $3.85 on Friday. Borr Drilling has a 1 year low of $2.14 and a 1 year high of $6.66. The business has a 50-day moving average of $4.35 and a two-hundred day moving average of $5.11. The company has a market capitalization of $1.22 billion, a P/E ratio of 25.70 and a beta of 1.02. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) earnings per share (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 company had revenue of $247.00 million for the quarter, compared to the consensus estimate of $253.35 million. As a group, equities analysts predict that Borr Drilling will post -0.13 EPS for the current year.

Insider Activity at Borr Drilling

In other Borr Drilling news, Director Thiago Mordehachvili sold 8,000,000 shares of the company’s stock in a transaction 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 transaction, the director directly owned 38,199,677 shares of the company’s stock, valued at $179,538,481.90. This represents a 17.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 7.90% of the company’s stock.

Hedge Funds Weigh In On Borr Drilling

Hedge funds have recently added to or reduced their stakes in the stock. Sona Asset Management US LLC acquired a new position in Borr Drilling in the third quarter valued at about $17,180,000. DNB Asset Management AS lifted its position in Borr Drilling by 126.4% during the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the period. Marshall Wace LLP grew its stake in Borr Drilling by 9,222.0% during the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after buying an additional 4,524,772 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in Borr Drilling during the fourth quarter worth about $14,326,000. Finally, Millennium Management LLC increased its holdings in Borr Drilling by 1,025.5% in the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after buying an additional 3,471,979 shares during the period. 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.