Borr Drilling (NYSE:BORR) Shares Down 3.9% – Should You Sell?

Borr Drilling Limited (NYSE:BORR) traded down 3.9% during trading on Tuesday. The company traded as low as $4.20 and last traded at $4.2650. Approximately 1,470,130 shares changed hands during trading, a decline of 79% from the average session volume of 7,064,162 shares. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Zacks Research cut shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Weiss Ratings raised shares of Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 9th. Finally, SEB Equity Research set a $3.55 target price on shares of Borr Drilling in a report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Borr Drilling presently has a consensus rating of “Hold” and an average target price of $5.27.

Borr Drilling Stock Performance

The stock has a market cap of $1.34 billion, a PE ratio of -5.46 and a beta of 1.08. The company has a fifty day moving average price of $4.39 and a 200 day moving average price of $4.78. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 2.58.

Borr Drilling (NYSE:BORR) last released its earnings results 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). The company had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. Analysts expect that Borr Drilling Limited will post -0.48 earnings per share for the current year.

Insider Activity at Borr Drilling

In related news, COO Harvey Snowling acquired 300,000 shares of the stock in a transaction on Wednesday, October 14th. The stock was purchased at an average price of $4.91 per share, for a total transaction of $1,473,000.00. Following the completion of the transaction, the chief operating officer owned 445,944 shares of the company’s stock, valued at $2,189,585.04. This trade represents a 205.56% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey Currie acquired 125,000 shares of the stock in a transaction on Thursday, August 13th. The stock was bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the transaction, the director directly owned 479,423 shares of the company’s stock, valued at approximately $1,922,486.23. The trade was a 35.27% increase in their position. The disclosure for this purchase is available in the SEC filing. 7.90% of the stock is owned by company insiders.

Institutional Trading of Borr Drilling

A number of institutional investors have recently made changes to their positions in the stock. Abel Hall LLC raised its stake in shares of Borr Drilling by 11.3% in the first quarter. Abel Hall LLC now owns 25,262 shares of the company’s stock worth $146,000 after purchasing an additional 2,566 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Borr Drilling by 7.8% during the first quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock valued at $235,000 after purchasing an additional 2,963 shares in the last quarter. AXQ Capital LP lifted its holdings in shares of Borr Drilling by 2.6% during the second quarter. AXQ Capital LP now owns 124,639 shares of the company’s stock valued at $515,000 after purchasing an additional 3,180 shares in the last quarter. Optiver Holding B.V. boosted its position in shares of Borr Drilling by 186.4% during the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock valued at $29,000 after buying an additional 3,293 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after buying an additional 8,133 shares during the last quarter. Hedge funds and other institutional investors 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.