Stock Traders Buy Large Volume of Call Options on Borr Drilling (NYSE:BORR)

Borr Drilling Limited (NYSE:BORR) was the recipient of unusually large options trading on Tuesday. Stock traders purchased 5,700 call options on the company. This is an increase of approximately 330% compared to the typical daily volume of 1,326 call options.

Analysts Set New Price Targets

BORR has been the subject of several recent research reports. Capital One Financial set a $6.00 price target on Borr Drilling and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Borr Drilling in a report on Wednesday, June 24th. Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday. Zacks Research raised shares of Borr Drilling to a “hold” rating in a report on Thursday, July 2nd. Finally, Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.88.

Insider Transactions at Borr Drilling

In other Borr Drilling 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 transaction of $37,600,000.00. Following the completion of the sale, the director directly owned 38,199,677 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. 7.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of the company. DNB Asset Management AS lifted its stake in shares of Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the period. Sona Asset Management US LLC acquired a new stake in shares of Borr Drilling in the third quarter worth approximately $17,180,000. Marshall Wace LLP increased its position in Borr Drilling by 9,222.0% during the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after purchasing an additional 4,524,772 shares during the last quarter. State Street Corp boosted its holdings in shares of 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 purchasing an additional 180,141 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after buying an additional 3,471,979 shares during the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Borr Drilling Price Performance

Shares of NYSE:BORR traded up $0.07 during midday trading on Tuesday, hitting $4.24. 1,698,720 shares of the stock were exchanged, compared to its average volume of 6,995,985. The stock has a market cap of $1.34 billion, a P/E ratio of 28.23 and a beta of 1.02. Borr Drilling has a twelve month low of $2.20 and a twelve month high of $6.66. The company has a 50 day moving average price of $4.33 and a 200-day moving average price of $5.12. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.82.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $247.00 million during 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%. On average, research analysts forecast that Borr Drilling will post -0.13 earnings per share for the current year.

About Borr Drilling

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.