Borr Drilling (NYSE:BORR) Stock Price Up 5.5% – Here’s What Happened

Borr Drilling Limited (NYSE:BORR) rose 5.5% on Tuesday . The stock traded as high as $4.31 and last traded at $4.3450. Approximately 2,040,903 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 6,857,072 shares. The stock had previously closed at $4.12.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BORR shares. SEB Equity Research set a $3.55 price target on shares of Borr Drilling in a report on Monday, August 17th. Capital One Financial set a $6.00 price objective on shares of Borr Drilling and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Weiss Ratings lowered shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, August 12th. Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a research report on Thursday, July 2nd. Finally, Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.27.

Borr Drilling Stock Up 5.8%

The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -5.58 and a beta of 1.03. The firm’s fifty day moving average is $4.29 and its two-hundred day moving average is $4.98. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick 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 the consensus estimate 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 analyst estimates of $245.96 million. On average, sell-side analysts expect that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

Insider Activity

In related news, Director Jeffrey Currie acquired 125,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the completion of the purchase, the director directly owned 479,423 shares of the company’s stock, valued at $1,922,486.23. The trade was a 35.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Borr Drilling

Institutional investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC bought a new position in Borr Drilling during the 4th quarter valued at $14,326,000. Dimensional Fund Advisors LP raised its stake in shares of Borr Drilling by 167.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock worth $20,148,000 after buying an additional 2,185,639 shares in the last quarter. Capital International Investors lifted its holdings in shares of Borr Drilling by 0.7% in the fourth quarter. Capital International Investors now owns 2,959,071 shares of the company’s stock valued at $11,925,000 after buying an additional 19,241 shares during the period. Goehring & Rozencwajg Associates LLC lifted its holdings in shares of Borr Drilling by 30.6% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock valued at $12,229,000 after buying an additional 496,302 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Borr Drilling during the first quarter valued at about $12,061,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Company Profile

Borr Drilling Limited is an offshore drilling contractor that provides drilling services to oil and gas companies. Its principal business is the operation of a fleet of modern jack-up drilling rigs, which are designed to operate in shallow-water environments and support exploration, development and production drilling programs.

The company offers rig contracting and related offshore drilling services, including equipment, crews and operational support. Its jack-up rigs are used for projects in established and emerging offshore energy markets, with operations serving customers across regions such as the North Sea, the Middle East, Southeast Asia, West Africa and the Americas, depending on contract activity.

Borr Drilling was established in 2016 and expanded through the acquisition and integration of jack-up drilling assets from other industry participants.