Borr Drilling (NYSE:BORR) Shares Cross Above Fifty Day Moving Average – Here’s Why

Borr Drilling Limited (NYSE:BORR)’s stock price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $4.37 and traded as high as $4.42. Borr Drilling shares last traded at $4.3850, with a volume of 10,475,011 shares.

Analyst Ratings Changes

A number of equities analysts have issued reports on BORR shares. SEB Equity Research set a $3.55 price target on Borr Drilling in a research note on Monday, August 17th. Weiss Ratings downgraded Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday. Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Zacks Research lowered Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Borr Drilling presently has a consensus rating of “Hold” and a consensus price target of $5.27.

Borr Drilling Price Performance

The company’s 50 day moving average price is $4.35 and its 200-day moving average price is $4.87. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -5.13 and a beta of 1.08. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.53 and a current ratio of 2.53.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, August 12th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.58). The business had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. On average, equities research analysts forecast that Borr Drilling Limited will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Borr Drilling

Several hedge funds have recently modified their holdings of BORR. Wedbush Securities Inc. acquired a new stake in shares of Borr Drilling during the third quarter valued at approximately $805,000. Sterling Capital Management LLC lifted its position in shares of Borr Drilling by 315.2% in the 3rd quarter. Sterling Capital Management LLC now owns 7,324 shares of the company’s stock valued at $28,000 after acquiring an additional 5,560 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Borr Drilling by 89.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 444,000 shares of the company’s stock valued at $1,727,000 after acquiring an additional 210,000 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Borr Drilling in the 3rd quarter worth approximately $41,000. Finally, Fortitude Family Office LLC boosted its stake in Borr Drilling by 11,940.8% in the 3rd quarter. Fortitude Family Office LLC now owns 8,549 shares of the company’s stock worth $33,000 after purchasing an additional 8,478 shares during the period. 83.12% of the stock is owned by hedge funds and other institutional investors.

Borr Drilling Company Profile

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.