Borr Drilling (NYSE:BORR) Stock Price Down 3.9% – Should You Sell?

Borr Drilling Limited (NYSE:BORR)’s stock price traded down 3.9% during trading on Tuesday. The stock traded as low as $4.20 and last traded at $4.2650. Approximately 1,470,130 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 7,064,162 shares. The stock had previously closed at $4.44.

Analyst Ratings Changes

A number of research firms have recently commented on BORR. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Weiss Ratings raised Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 9th. Finally, Zacks Research cut Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.27.

Borr Drilling Stock Down 4.2%

The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick ratio of 2.53. The company has a market cap of $1.34 billion, a PE ratio of -5.46 and a beta of 1.08. The company has a fifty day moving average price of $4.39 and a 200 day moving average price of $4.78.

Borr Drilling (NYSE:BORR) last announced its earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $245.96 million. As a group, analysts anticipate that Borr Drilling Limited will post -0.48 EPS for the current year.

Insiders Place Their Bets

In related news, COO Harvey Snowling purchased 300,000 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The shares were purchased at an average price of $4.91 per share, with a total value of $1,473,000.00. Following the acquisition, the chief operating officer directly owned 445,944 shares of the company’s stock, valued at approximately $2,189,585.04. This represents a 205.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey Currie acquired 125,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were bought at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the transaction, the director owned 479,423 shares in the company, valued at approximately $1,922,486.23. This represents a 35.27% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 7.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BORR. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 2,185,639 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its position in shares of Borr Drilling by 30.6% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock valued at $12,229,000 after purchasing an additional 496,302 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Borr Drilling during the 1st quarter valued at about $12,061,000. Empowered Funds LLC raised its holdings in shares of Borr Drilling by 115.2% during the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after buying an additional 761,433 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Borr Drilling by 129.8% during the 2nd quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock valued at $5,771,000 after buying an additional 789,214 shares in the last quarter. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides drilling services to oil and gas companies. The company focuses primarily on jack-up rigs, which are mobile offshore drilling units used in relatively shallow waters for exploration, development and production drilling.

Borr Drilling owns and operates a fleet of modern jack-up rigs, including premium and high-specification units designed to work in a range of offshore environments. Its services support customers throughout the drilling life cycle, from exploratory wells to development and production activities.

Established in 2016 and headquartered in Hamilton, Bermuda, Borr Drilling expanded its fleet through the acquisition of jack-up rigs from Transocean in 2017.