Borr Drilling (NYSE:BORR) Cut to “Strong Sell” at Wall Street Zen

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

A number of other brokerages have also weighed in on BORR. 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. Zacks Research raised Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Fearnley Fonds raised 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 report on Wednesday, June 24th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.88.

Borr Drilling Stock Up 8.0%

Shares of Borr Drilling stock opened at $4.17 on Friday. Borr Drilling has a one year low of $2.14 and a one year high of $6.66. The company has a market cap of $1.32 billion, a P/E ratio of 27.80 and a beta of 1.02. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a fifty day moving average of $4.33 and a two-hundred day moving average of $5.12.

Borr Drilling (NYSE:BORR) last issued 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 firm had revenue of $247.00 million during the quarter, compared to analysts’ expectations of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. On average, analysts forecast that Borr Drilling will post -0.13 earnings per share for the current year.

Insider Buying and Selling at Borr Drilling

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of the company’s 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 sale, the director owned 38,199,677 shares in the company, valued at $179,538,481.90. This represents a 17.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Borr Drilling

A number of institutional investors have recently bought and sold shares of the company. DNB Asset Management AS increased its position in shares of Borr Drilling by 126.4% in the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock valued at $35,351,000 after buying an additional 4,896,701 shares in the last quarter. Sona Asset Management US LLC purchased a new stake in shares of Borr Drilling in the 3rd quarter worth about $17,180,000. Marshall Wace LLP grew its stake in Borr Drilling by 9,222.0% in the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock valued at $18,433,000 after acquiring an additional 4,524,772 shares during the last quarter. State Street Corp grew its stake in Borr Drilling by 4.5% in the 4th quarter. State Street Corp now owns 4,212,987 shares of the company’s stock valued at $16,978,000 after acquiring an additional 180,141 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

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.