Cannell & Spears LLC Lowers Stake in Borr Drilling Limited $BORR

Cannell & Spears LLC lessened its stake in Borr Drilling Limited (NYSE:BORR) by 63.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 111,000 shares of the company’s stock after selling 193,000 shares during the quarter. Cannell & Spears LLC’s holdings in Borr Drilling were worth $640,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BORR. Caitong International Asset Management Co. Ltd raised its holdings in Borr Drilling by 2,435.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after acquiring an additional 8,133 shares in the last quarter. Inspire Advisors LLC purchased a new stake in shares of Borr Drilling in the 4th quarter valued at approximately $44,000. Cetera Investment Advisers purchased a new stake in shares of Borr Drilling in the 1st quarter valued at approximately $66,000. Regatta Capital Group LLC acquired a new stake in shares of Borr Drilling in the 4th quarter valued at $47,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Borr Drilling in the 4th quarter valued at $47,000. 83.12% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were 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 in the company, valued at $179,538,481.90. This represents a 17.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.90% of the stock is currently owned by company insiders.

Borr Drilling Trading Up 0.1%

BORR opened at $4.23 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82. Borr Drilling Limited has a 52 week low of $1.86 and a 52 week high of $6.66. The business’s 50 day moving average is $4.68 and its two-hundred day moving average is $5.13. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 28.23 and a beta of 1.00.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $247.00 million during the quarter, compared to analyst estimates of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. On average, research analysts predict that Borr Drilling Limited will post -0.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Zacks Research upgraded shares of Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Capital One Financial set a $6.00 price target on Borr Drilling and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Finally, Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Two investment 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.88.

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.