Wedbush Securities Inc. Makes New Investment in Borr Drilling Limited $BORR

Wedbush Securities Inc. acquired a new stake in shares of Borr Drilling Limited (NYSE:BORR) in the third quarter, HoldingsChannel reports. The fund acquired 207,000 shares of the company’s stock, valued at approximately $805,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Borr Drilling by 167.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock valued at $20,148,000 after buying an additional 2,185,639 shares during the last quarter. Goehring & Rozencwajg Associates LLC grew its stake in shares of Borr Drilling by 30.6% in the 1st 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 in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Borr Drilling in the 1st quarter valued at approximately $12,061,000. Empowered Funds LLC increased its holdings in Borr Drilling by 115.2% in the first quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock worth $8,208,000 after buying an additional 761,433 shares during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in Borr Drilling by 129.8% in the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock worth $5,771,000 after buying an additional 789,214 shares during the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Key Borr Drilling News

Here are the key news stories impacting Borr Drilling this week:

• Negative Sentiment: The rig reportedly lost stability in a “punch-through event” and sank during drilling operations. Initial reports said one person died and several others were missing; subsequent updates said 110 personnel were rescued while search-and-rescue efforts continued for missing crew members. Borr Drilling Sinks 8% as Prospector 5 Rig Goes Down Off Gabon in Punch Through Event
• Negative Sentiment: Prospector 5 is a material operating asset, so the loss could reduce Borr Drilling’s available rig capacity and revenue, while potentially creating recovery, insurance, regulatory and customer-claim costs. The incident also puts the company’s safety record and execution under scrutiny. BW Energy Confirms Drilling Rig Incident on Dussafu License
• Negative Sentiment: The event compounds existing financial concerns: Borr previously reported a sizable quarterly EPS miss and remains loss-making, while its debt-to-equity ratio is elevated. Investors may therefore be more sensitive to an unexpected asset loss or prolonged downtime. Borr Drilling Shares Sink Following Drilling Rig Incident
• Neutral Sentiment: Borr Drilling and BW Energy have issued incident updates, but the final casualty count, cause of the sinking, environmental impact, insurance coverage and effect on the drilling contract remain subject to investigation. Further disclosures will likely determine the ultimate financial impact. Borr Drilling Limited Prospector 5 Rig Incident Update

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $3.94 on Tuesday. Borr Drilling Limited has a fifty-two week low of $2.89 and a fifty-two week high of $6.66. The business has a 50-day moving average of $4.38 and a two-hundred day moving average of $4.88. The stock has a market capitalization of $1.24 billion, a P/E ratio of -5.06 and a beta of 1.08. 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 quarterly earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.58). The company had revenue of $232.30 million for 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 predict that Borr Drilling Limited will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 9th. SEB Equity Research set a $3.55 target price on shares of Borr Drilling in a research report on Monday, August 17th. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Borr Drilling has a consensus rating of “Hold” and a consensus target price of $5.27.

Borr Drilling 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.