Borr Drilling (NYSE:BORR) Trading Down 4.3% – Should You Sell?

Borr Drilling Limited (NYSE:BORR) was down 4.3% on Tuesday . The company traded as low as $4.74 and last traded at $4.6680. Approximately 1,015,189 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 7,611,746 shares. The stock had previously closed at $4.88.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BORR shares. Weiss Ratings downgraded shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Wall Street Zen downgraded shares of Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Finally, Citigroup boosted their price target on shares of Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.33.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market capitalization of $1.43 billion, a P/E ratio of 30.17 and a beta of 0.96. The stock’s 50 day moving average is $5.65 and its two-hundred day moving average is $5.02.

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

Insider Transactions at Borr Drilling

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were 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. The trade was a 17.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its holdings in Borr Drilling by 18.2% during the fourth quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after purchasing an additional 2,529 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Borr Drilling by 9.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,278 shares of the company’s stock valued at $121,000 after purchasing an additional 2,560 shares during the period. Abel Hall LLC grew its holdings in Borr Drilling by 11.3% during the first quarter. Abel Hall LLC now owns 25,262 shares of the company’s stock valued at $146,000 after purchasing an additional 2,566 shares during the period. SG Americas Securities LLC grew its holdings in Borr Drilling by 7.8% during the first quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock valued at $235,000 after purchasing an additional 2,963 shares during the period. Finally, Mariner LLC boosted its holdings in shares of Borr Drilling by 13.1% in the fourth quarter. Mariner LLC now owns 26,623 shares of the company’s stock valued at $107,000 after buying an additional 3,094 shares during the period. Institutional investors and hedge funds own 83.12% of the company’s stock.

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.