Borr Drilling (NYSE:BORR) Trading Up 5.5% – Time to Buy?

Shares of Borr Drilling Limited (NYSE:BORR) rose 5.5% during trading on Tuesday . The stock traded as high as $4.31 and last traded at $4.3450. Approximately 2,040,903 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 6,857,072 shares. The stock had previously closed at $4.12.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Zacks Research cut shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday. Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. SEB Equity Research set a $3.55 price target on Borr Drilling in a research report on Monday, August 17th. Capital One Financial set a $6.00 price objective on Borr Drilling and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Finally, Weiss Ratings cut Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.27.

Borr Drilling Stock Performance

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 firm’s fifty day moving average price is $4.28 and its two-hundred day moving average price is $4.96. The stock has a market capitalization of $1.34 billion, a PE ratio of -5.43 and a beta of 1.03.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, August 12th. 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 5.95%. The firm had revenue of $232.30 million during the quarter, compared to analysts’ expectations of $245.96 million. As a group, equities research analysts forecast that Borr Drilling Limited will post -0.48 EPS for the current year.

Insider Transactions at Borr Drilling

In other Borr Drilling news, Director Jeffrey Currie purchased 125,000 shares of the stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the completion of the transaction, the director owned 479,423 shares of the company’s stock, valued at $1,922,486.23. This trade represents a 35.27% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 7.90% of the company’s stock.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors have recently added to or reduced their stakes in the stock. GeoSphere Capital Management LLC purchased a new position in Borr Drilling in the 4th quarter valued at about $5,582,000. Goehring & Rozencwajg Associates LLC lifted its position in shares of Borr Drilling by 30.6% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock valued at $12,229,000 after acquiring an additional 496,302 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Borr Drilling by 167.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock worth $20,148,000 after acquiring an additional 2,185,639 shares during the last quarter. Empowered Funds LLC increased its position in shares of Borr Drilling by 115.2% during the first quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock worth $8,208,000 after purchasing an additional 761,433 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Borr Drilling in the 1st quarter valued at $2,160,000. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Company Profile

Borr Drilling Limited is an offshore drilling contractor that provides drilling services to oil and gas companies. Its principal business is the operation of a fleet of modern jack-up drilling rigs, which are designed to operate in shallow-water environments and support exploration, development and production drilling programs.

The company offers rig contracting and related offshore drilling services, including equipment, crews and operational support. Its jack-up rigs are used for projects in established and emerging offshore energy markets, with operations serving customers across regions such as the North Sea, the Middle East, Southeast Asia, West Africa and the Americas, depending on contract activity.

Borr Drilling was established in 2016 and expanded through the acquisition and integration of jack-up drilling assets from other industry participants.