Borr Drilling (NYSE:BORR) Shares Up 5% – What’s Next?

Shares of Borr Drilling Limited (NYSE:BORR) rose 5% on Thursday. The company traded as high as $4.53 and last traded at $4.5150. 1,937,750 shares changed hands during trading, a decline of 72% from the average session volume of 6,832,861 shares. The stock had previously closed at $4.30.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BORR shares. Wall Street Zen downgraded shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, August 12th. SEB Equity Research set a $3.55 price target on shares of Borr Drilling in a report on Monday, August 17th. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. Finally, Capital One Financial set a $6.00 price objective 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 data from MarketBeat.com, Borr Drilling currently has a consensus rating of “Hold” and an average target price of $5.27.

Borr Drilling Stock Up 6.9%

The company has a 50-day simple moving average of $4.28 and a 200 day simple moving average of $4.83. The company has a market cap of $1.45 billion, a P/E ratio of -5.89 and a beta of 1.08. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.58). The business 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 analysts anticipate that Borr Drilling Limited will post -0.48 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey Currie acquired 125,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was bought at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the acquisition, the director directly owned 479,423 shares of the company’s stock, valued at $1,922,486.23. This represents a 35.27% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Borr Drilling

Hedge funds have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC increased its stake in shares of Borr Drilling by 129.8% during the second 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 during the period. Goehring & Rozencwajg Associates LLC raised its stake 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 worth $12,229,000 after acquiring an additional 496,302 shares in the last quarter. Empowered Funds LLC raised its stake 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 worth $8,208,000 after acquiring an additional 761,433 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Borr Drilling by 167.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock valued at $20,148,000 after acquiring an additional 2,185,639 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Borr Drilling in the first quarter valued at approximately $2,160,000. 83.12% of the stock is currently owned by 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.