Borr Drilling Limited (NYSE:BORR) Stock Rated “Hold” by Sell-Side Analysts

Shares of Borr Drilling Limited (NYSE:BORR) have earned an average recommendation of “Hold” from the five analysts that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $5.27.

A number of research analysts have recently commented on BORR shares. Weiss Ratings cut Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, October 26th. Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. SEB Equity Research set a $3.55 price target on Borr Drilling in a research note on Monday, August 17th. Finally, Zacks Research cut Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th.

Borr Drilling Trading Up 4.0%

Shares of BORR opened at $3.25 on Tuesday. Borr Drilling has a twelve month low of $2.89 and a twelve month high of $6.66. The company has a market cap of $1.02 billion, a P/E ratio of -4.16 and a beta of 1.02. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58. The company’s fifty day simple moving average is $4.25 and its 200-day simple moving average is $4.85.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.58). The firm had revenue of $232.30 million for the quarter, compared to analysts’ expectations of $245.96 million. Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. As a group, analysts expect that Borr Drilling will post -0.51 EPS for the current year.

Insiders Place Their Bets

In related news, COO Harvey Snowling purchased 300,000 shares of Borr Drilling stock in a transaction that occurred on Wednesday, October 14th. The shares were bought at an average price of $4.91 per share, with a total value of $1,473,000.00. Following the purchase, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey Currie acquired 125,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the acquisition, the director directly owned 479,423 shares in the company, valued at $1,922,486.23. This represents a 35.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 7.90% of the company’s stock.

Institutional Trading of Borr Drilling

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in Borr Drilling by 167.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock worth $20,148,000 after purchasing an additional 2,185,639 shares during the period. Goehring & Rozencwajg Associates LLC lifted its holdings in shares of Borr Drilling by 30.6% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock worth $12,229,000 after buying an additional 496,302 shares during the period. Empowered Funds LLC lifted its holdings in shares of Borr Drilling by 115.2% in the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock worth $8,208,000 after buying an additional 761,433 shares during the period. Squarepoint Ops LLC grew its position 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 worth $5,771,000 after buying an additional 789,214 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Borr Drilling by 4.9% during the 1st quarter. Bank of New York Mellon Corp now owns 709,097 shares of the company’s stock worth $4,091,000 after buying an additional 33,323 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Borr Drilling Company Profile

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.