Traders Buy Large Volume of Borr Drilling Call Options (NYSE:BORR)

Borr Drilling Limited (NYSE:BORR) was the recipient of unusually large options trading activity on Tuesday. Investors acquired 5,700 call options on the company. This is an increase of 330% compared to the typical volume of 1,326 call options.

Borr Drilling Price Performance

Shares of BORR stock traded up $0.07 during midday trading on Tuesday, reaching $4.24. 1,698,720 shares of the company were exchanged, compared to its average volume of 6,995,985. The company’s 50 day moving average price is $4.33 and its two-hundred day moving average price is $5.12. The company has a market cap of $1.34 billion, a P/E ratio of 28.23 and a beta of 1.02. Borr Drilling has a 12 month low of $2.20 and a 12 month high of $6.66. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data 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). 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. On average, sell-side analysts expect that Borr Drilling will post -0.13 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Thiago Mordehachvili sold 8,000,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director owned 38,199,677 shares of the company’s stock, valued at $179,538,481.90. This represents a 17.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BORR. Optiver Holding B.V. raised 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 worth $29,000 after buying an additional 3,293 shares in the last quarter. Caitong International Asset Management Co. Ltd grew 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 acquiring an additional 8,133 shares during the period. Abel Hall LLC acquired a new position in Borr Drilling during the third quarter worth about $43,000. Oxford Asset Management LLP acquired a new position in Borr Drilling during the second quarter worth about $43,000. Finally, Inspire Advisors LLC bought a new stake in Borr Drilling in the fourth quarter worth about $44,000. 83.12% of the stock is owned by 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.