Goehring & Rozencwajg Associates LLC Buys 580,464 Shares of Borr Drilling Limited $BORR

Goehring & Rozencwajg Associates LLC raised its stake in Borr Drilling Limited (NYSE:BORR) by 55.7% in the fourth quarter, Holdings Channel reports. The fund owned 1,623,163 shares of the company’s stock after purchasing an additional 580,464 shares during the quarter. Goehring & Rozencwajg Associates LLC’s holdings in Borr Drilling were worth $6,541,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BORR. Sona Asset Management US LLC bought a new position in shares of Borr Drilling in the third quarter worth about $17,180,000. DNB Asset Management AS lifted its holdings 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 worth $35,351,000 after acquiring an additional 4,896,701 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after acquiring an additional 3,471,979 shares during the last quarter. HRT Financial LP bought a new position in shares of Borr Drilling in the fourth quarter worth about $5,649,000. Finally, GeoSphere Capital Management LLC bought a new position in shares of Borr Drilling in the fourth quarter worth about $5,582,000. Institutional investors own 83.12% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings lowered shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Citigroup raised their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Finally, Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. One equities 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $4.33.

Borr Drilling Stock Performance

NYSE:BORR opened at $4.57 on Friday. The company has a market capitalization of $1.44 billion, a PE ratio of 30.43 and a beta of 0.96. The company has a 50 day simple moving average of $5.61 and a two-hundred day simple moving average of $5.03. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. Borr Drilling Limited has a fifty-two week low of $1.79 and a fifty-two week high of $6.66.

Borr Drilling (NYSE:BORR) last released its 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 for the quarter, compared to analyst estimates of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%.

Insiders Place Their Bets

In other Borr Drilling news, Director Thiago Mordehachvili sold 8,000,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the completion of the sale, the director owned 38,199,677 shares of the company’s stock, valued at approximately $179,538,481.90. This represents a 17.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.90% of the company’s stock.

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.