Borr Drilling (NYSE:BORR) Shares Gap Up Following Insider Buying Activity

Borr Drilling Limited (NYSE:BORR)’s stock price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $4.04, but opened at $4.30. Borr Drilling shares last traded at $4.3950, with a volume of 1,916,175 shares trading hands.

Specifically, Director Jeffrey Currie purchased 125,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were purchased at an average price of $4.01 per share, with a total value of $501,250.00. Following the purchase, the director directly owned 479,423 shares of the company’s stock, valued at approximately $1,922,486.23. This represents a 35.27% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Zacks Research raised shares of Borr Drilling to a “hold” rating in a research report on Thursday, July 2nd. Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Capital One Financial set a $6.00 target price on Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Weiss Ratings lowered shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday. Finally, Wall Street Zen cut shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4.88.

Borr Drilling Price Performance

The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82. The company has a 50 day simple moving average of $4.27 and a 200-day simple moving average of $5.11. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -5.67 and a beta of 1.02.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.58). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.67%. The firm had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. As a group, research analysts anticipate that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Borr Drilling

A number of large investors have recently bought and sold shares of the business. California State Teachers Retirement System boosted its stake in Borr Drilling by 18.2% in the fourth quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after acquiring an additional 2,529 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Borr Drilling by 9.6% during the 4th 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 boosted its position in Borr Drilling by 11.3% during the 1st 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 stake in Borr Drilling by 7.8% during the 1st quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock worth $235,000 after buying an additional 2,963 shares during the last quarter. Finally, Mariner LLC increased its position in Borr Drilling by 13.1% in the fourth quarter. Mariner LLC now owns 26,623 shares of the company’s stock worth $107,000 after buying an additional 3,094 shares during the period. Institutional investors own 83.12% of the company’s stock.

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.