Borr Drilling (NYSE:BORR) Stock Jumps 5% – What’s Next?

Borr Drilling Limited (NYSE:BORR) shares rose 5% during trading on Thursday. The stock traded as high as $4.53 and last traded at $4.5150. Approximately 1,937,750 shares changed hands during trading, a decline of 72% from the average session volume of 6,832,861 shares. The stock had previously closed at $4.30.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BORR. Weiss Ratings downgraded Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, August 12th. Capital One Financial set a $6.00 price target on Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. SEB Equity Research set a $3.55 price target on Borr Drilling in a research note on Monday, August 17th. Finally, Zacks Research downgraded shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.27.

Borr Drilling Stock Up 6.9%

The company’s 50 day moving average price is $4.28 and its 200 day moving average price is $4.83. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 2.58. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -5.89 and a beta of 1.08.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates 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. As a group, research analysts forecast that Borr Drilling Limited will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Borr Drilling

In other news, Director Jeffrey Currie acquired 125,000 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were acquired at an average cost of $4.01 per share, with a total value of $501,250.00. Following the completion of the acquisition, the director owned 479,423 shares of the company’s stock, valued at approximately $1,922,486.23. This trade represents a 35.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 7.90% of the company’s stock.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently modified their holdings of the company. Encompass Capital Advisors LLC acquired a new position in Borr Drilling in the fourth quarter valued at approximately $14,326,000. Dimensional Fund Advisors LP raised its position in shares of Borr Drilling by 167.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock worth $20,148,000 after acquiring an additional 2,185,639 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Borr Drilling during the 1st quarter worth about $12,061,000. Squarepoint Ops LLC grew its position in shares of Borr Drilling by 129.8% during the 2nd quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock valued at $5,771,000 after acquiring an additional 789,214 shares during the period. Finally, Empowered Funds LLC increased its stake in shares of Borr Drilling by 115.2% in the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after purchasing an additional 761,433 shares in the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides drilling services to oil and gas companies. The company focuses primarily on jack-up rigs, which are mobile offshore drilling units used in relatively shallow waters for exploration, development and production drilling.

Borr Drilling owns and operates a fleet of modern jack-up rigs, including premium and high-specification units designed to work in a range of offshore environments. Its services support customers throughout the drilling life cycle, from exploratory wells to development and production activities.

Established in 2016 and headquartered in Hamilton, Bermuda, Borr Drilling expanded its fleet through the acquisition of jack-up rigs from Transocean in 2017.