Encompass Capital Advisors LLC Takes $14.33 Million Position in Borr Drilling Limited $BORR

Encompass Capital Advisors LLC acquired a new stake in shares of Borr Drilling Limited (NYSE:BORR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,554,800 shares of the company’s stock, valued at approximately $14,326,000.

Other hedge funds have also recently made changes to their positions in the company. Glenorchy Capital Ltd purchased a new position in shares of Borr Drilling during the fourth quarter valued at approximately $2,484,000. Jennison Associates LLC purchased a new position in shares of Borr Drilling during the fourth quarter valued at approximately $856,000. Tudor Investment Corp ET AL grew its position in Borr Drilling by 77.7% during the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock valued at $1,768,000 after buying an additional 287,428 shares during the period. DNB Asset Management AS grew its position in Borr Drilling by 22,394.8% during the third quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock valued at $10,424,000 after buying an additional 3,857,948 shares during the period. Finally, TT International Asset Management LTD bought a new stake in Borr Drilling during the fourth quarter valued at approximately $1,024,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BORR. Weiss Ratings lowered shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Citigroup boosted their target price on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Finally, Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. One research 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 company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.33.

Insider Buying and Selling at Borr Drilling

In other Borr Drilling news, Director Thiago Mordehachvili sold 8,000,000 shares of the company’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 value of $37,600,000.00. Following the completion of the transaction, the director directly owned 38,199,677 shares in the company, valued at $179,538,481.90. This represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.90% of the stock is currently owned by insiders.

Borr Drilling Stock Performance

BORR opened at $4.28 on Thursday. The firm has a market cap of $1.35 billion, a P/E ratio of 28.50 and a beta of 0.96. Borr Drilling Limited has a 1-year low of $1.79 and a 1-year high of $6.66. The company has a 50 day simple moving average of $5.52 and a two-hundred day simple moving average of $5.07. 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 posted 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 firm had revenue of $247.00 million during the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.

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.