Stock Traders Purchase High Volume of Borr Drilling Call Options (NYSE:BORR)

Borr Drilling Limited (NYSE:BORR) was the target of unusually large options trading on Thursday. Stock investors bought 4,082 call options on the company. This represents an increase of 215% compared to the typical daily volume of 1,296 call options.

Borr Drilling Stock Performance

NYSE BORR traded down $0.96 during trading on Thursday, hitting $5.23. 12,579,815 shares of the company’s stock traded hands, compared to its average volume of 7,254,444. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 30.93 and a beta of 1.04. Borr Drilling has a 12-month low of $1.55 and a 12-month high of $6.66. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19. The business has a 50 day moving average of $5.71 and a 200-day moving average of $4.82.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, May 20th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $247.00 million during the quarter, compared to analysts’ expectations of $253.35 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

Institutional Investors Weigh In On Borr Drilling

Hedge funds and other institutional investors have recently bought and sold shares of the business. Baader Bank Aktiengesellschaft purchased a new position in shares of Borr Drilling in the third quarter valued at $30,000. Caitong International Asset Management Co. Ltd lifted its holdings in Borr Drilling by 2,435.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after purchasing an additional 8,133 shares in the last quarter. Federated Hermes Inc. purchased a new stake in Borr Drilling during the 3rd quarter worth about $35,000. Interchange Capital Partners LLC bought a new position in Borr Drilling in the 3rd quarter worth about $36,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in Borr Drilling during the 3rd quarter valued at about $40,000. Institutional investors own 83.12% of the company’s stock.

Analyst Ratings Changes

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

Borr Drilling Company Profile

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.