Borr Drilling (NYSE:BORR) Stock Rating Lowered by Wall Street Zen

Borr Drilling (NYSE:BORR) was downgraded by analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday.

Several other research firms have also recently weighed in on BORR. Weiss Ratings reissued a “sell (d+)” rating on shares of Borr Drilling in a report on Wednesday, June 24th. Capital One Financial set a $6.00 price objective on Borr Drilling and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Zacks Research raised 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 issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.88.

Borr Drilling Stock Down 0.1%

Shares of BORR opened at $3.85 on Friday. Borr Drilling has a 52 week low of $2.14 and a 52 week high of $6.66. The firm has a market cap of $1.22 billion, a P/E ratio of 25.70 and a beta of 1.02. The firm’s 50-day simple moving average is $4.35 and its 200 day simple moving average is $5.12. 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 (NYSE:BORR) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.The company had revenue of $247.00 million for the quarter, compared to analyst estimates of $253.35 million. On average, analysts forecast that Borr Drilling will post -0.13 earnings per share for the current year.

Insider Activity

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of the business’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 value of $37,600,000.00. Following the completion of the sale, the director directly owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. The trade was a 17.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.90% of the company’s stock.

Hedge Funds Weigh In On Borr Drilling

Hedge funds have recently added to or reduced their stakes in the stock. Glenorchy Capital Ltd acquired a new position in Borr Drilling in the fourth quarter valued at about $2,484,000. Jennison Associates LLC acquired a new stake in Borr Drilling during the fourth quarter worth about $856,000. TT International Asset Management LTD acquired a new stake in Borr Drilling during the fourth quarter worth about $1,024,000. GeoSphere Capital Management LLC bought a new position in Borr Drilling in the 4th quarter valued at about $5,582,000. Finally, Goehring & Rozencwajg Associates LLC increased its holdings in 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 during the period. Institutional investors own 83.12% 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.