Insider Selling: Borr Drilling (NYSE:BORR) Director Sells $37,600,000.00 in Stock

Borr Drilling Limited (NYSE:BORR) Director Thiago Mordehachvili sold 8,000,000 shares of Borr Drilling stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the completion of the transaction, the director owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. This trade represents a 17.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Borr Drilling Trading Down 2.0%

Borr Drilling stock opened at $4.57 on Friday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 30.43 and a beta of 0.96. Borr Drilling Limited has a 1 year low of $1.79 and a 1 year high of $6.66. The firm’s 50 day moving average price is $5.61 and its two-hundred day moving average price is $5.03.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results 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). The business had revenue of $247.00 million during the quarter, compared to analyst estimates of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of BORR. Optiver Holding B.V. lifted its stake in shares of Borr Drilling by 186.4% in the 1st 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 lifted its stake in shares of Borr Drilling by 2,435.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after purchasing an additional 8,133 shares during the last quarter. Inspire Advisors LLC acquired a new stake in shares of Borr Drilling in the 4th quarter valued at $44,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Borr Drilling in the 3rd quarter valued at $30,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Borr Drilling in the 1st quarter valued at $66,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on BORR. Wall Street Zen cut shares of Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Citigroup lifted their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Borr Drilling currently has an average rating of “Hold” and an average price target of $4.33.

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.