Borr Drilling (NYSE:BORR) Upgraded to Strong-Buy at Capital One Financial

Borr Drilling (NYSE:BORR) was upgraded by equities researchers at Capital One Financial to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

BORR has been the subject of a number of other research reports. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Finally, Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $4.88.

Borr Drilling Trading Up 5.0%

Shares of BORR opened at $4.34 on Tuesday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63. Borr Drilling has a 1 year low of $1.85 and a 1 year high of $6.66. The company has a 50 day simple moving average of $5.23 and a two-hundred day simple moving average of $5.10. The firm has a market cap of $1.37 billion, a P/E ratio of 28.91 and a beta of 1.01.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, May 20th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The company had revenue of $247.00 million during the quarter, compared to analysts’ expectations of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.

Insiders Place Their Bets

In other Borr Drilling news, Director Thiago Mordehachvili sold 8,000,000 shares of the stock in a transaction 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 sale, the director owned 38,199,677 shares in the company, valued at $179,538,481.90. This trade represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.90% of the stock is currently owned by insiders.

Institutional Trading of Borr Drilling

A number of large investors have recently made changes to their positions in the stock. Sona Asset Management US LLC bought a new position in Borr Drilling in the 3rd quarter worth about $17,180,000. DNB Asset Management AS boosted its holdings in shares of Borr Drilling by 126.4% in the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock valued at $35,351,000 after purchasing an additional 4,896,701 shares during the period. Marshall Wace LLP boosted its holdings in shares of Borr Drilling by 9,222.0% in the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock valued at $18,433,000 after purchasing an additional 4,524,772 shares during the period. Encompass Capital Advisors LLC bought a new position in Borr Drilling in the fourth quarter worth approximately $14,326,000. Finally, Millennium Management LLC grew its stake in Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after purchasing an additional 3,471,979 shares in the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.