Borr Drilling (NYSE:BORR) Stock Price Up 7.5% – Here’s What Happened

Shares of Borr Drilling Limited (NYSE:BORR) shot up 7.5% on Monday . The company traded as high as $4.12 and last traded at $4.1480. 3,038,530 shares traded hands during trading, a decline of 57% from the average session volume of 6,995,550 shares. The stock had previously closed at $3.86.

Analysts Set New Price Targets

A number of equities research analysts have commented on BORR shares. Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Wall Street Zen cut Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings reissued a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a report on Thursday, July 2nd. Finally, Capital One Financial set a $6.00 price objective on shares of Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.88.

Borr Drilling Trading Up 7.6%

The stock has a market capitalization of $1.31 billion, a PE ratio of 27.70 and a beta of 1.02. The firm has a 50 day moving average price of $4.35 and a 200 day moving average price of $5.12. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82.

Borr Drilling (NYSE:BORR) last posted 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). Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. The company had revenue of $247.00 million during the quarter, compared to the consensus estimate of $253.35 million. Equities analysts expect that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Borr Drilling news, Director Thiago Mordehachvili sold 8,000,000 shares of Borr Drilling stock in a transaction 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 transaction, the director directly owned 38,199,677 shares of the company’s stock, valued at $179,538,481.90. The trade was a 17.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.90% of the company’s stock.

Institutional Trading of Borr Drilling

Several institutional investors have recently made changes to their positions in the company. Optiver Holding B.V. raised its holdings in shares of Borr Drilling by 186.4% in the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock valued at $29,000 after purchasing an additional 3,293 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after purchasing an additional 8,133 shares during the last quarter. Inspire Advisors LLC bought a new stake in Borr Drilling in the 4th quarter worth about $44,000. Cetera Investment Advisers bought a new stake in Borr Drilling in the 1st quarter worth about $66,000. Finally, Quadrature Capital Ltd purchased a new stake in Borr Drilling in the 4th quarter valued at about $47,000. Institutional investors own 83.12% of the company’s stock.

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.