Borr Drilling (NYSE:BORR) Director Thiago Mordehachvili Sells 8,000,000 Shares

Borr Drilling Limited (NYSE:BORR) Director Thiago Mordehachvili sold 8,000,000 shares of the stock in a transaction dated 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 of the company’s stock, 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 filing with the Securities & Exchange Commission, which is available through this link.

Borr Drilling Stock Down 0.8%

Shares of Borr Drilling stock opened at $4.53 on Thursday. 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 company has a 50-day moving average of $5.65 and a 200 day moving average of $5.02. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 30.17 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.

Borr Drilling (NYSE:BORR) last issued 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 the consensus estimate of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Citigroup increased 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. Finally, Weiss Ratings lowered shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Borr Drilling has an average rating of “Hold” and a consensus target price of $4.33.

Institutional Trading of Borr Drilling

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Optiver Holding B.V. increased its stake in Borr Drilling by 186.4% during 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 in the last quarter. Amundi bought a new stake in Borr Drilling during the 1st quarter valued at about $134,000. Regal Partners Ltd bought a new stake in Borr Drilling during the 1st quarter valued at about $849,000. Empowered Funds LLC increased its stake in Borr Drilling by 115.2% during the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after purchasing an additional 761,433 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new stake in Borr Drilling during the 1st quarter valued at about $183,000. 83.12% of the stock is currently owned by institutional investors.

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.