Borr Drilling (NYSE:BORR) Stock Falls 3.9% – Here’s Why

Shares of Borr Drilling Limited (NYSE:BORR) were down 3.9% on Tuesday. The stock traded as low as $4.20 and last traded at $4.2650. Approximately 1,470,130 shares were traded during mid-day trading, a decline of 79% from the average session volume of 7,064,162 shares. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Weiss Ratings upgraded Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 9th. SEB Equity Research set a $3.55 target price on Borr Drilling in a research note on Monday, August 17th. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 15th. Finally, Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.27.

Borr Drilling Trading Up 0.4%

The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 2.58. The firm has a 50 day moving average of $4.39 and a 200 day moving average of $4.76. The firm has a market cap of $1.34 billion, a PE ratio of -5.43 and a beta of 1.08.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $245.96 million. Equities analysts anticipate that Borr Drilling Limited will post -0.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jeffrey Currie acquired 125,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the acquisition, the director owned 479,423 shares in the company, valued at $1,922,486.23. The trade was a 35.27% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Harvey Snowling acquired 300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 14th. The stock was purchased at an average cost of $4.91 per share, with a total value of $1,473,000.00. Following the acquisition, the chief operating officer owned 445,944 shares in the company, valued at $2,189,585.04. The trade was a 205.56% increase in their position. The SEC filing for this purchase provides additional information. 7.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. lifted its holdings in Borr Drilling by 89.7% during the third quarter. Vontobel Holding Ltd. now owns 444,000 shares of the company’s stock valued at $1,727,000 after purchasing an additional 210,000 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Borr Drilling in the third quarter worth about $41,000. Fortitude Family Office LLC increased its stake in shares of Borr Drilling by 11,940.8% in the third quarter. Fortitude Family Office LLC now owns 8,549 shares of the company’s stock worth $33,000 after purchasing an additional 8,478 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Borr Drilling by 129.8% in the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock valued at $5,771,000 after purchasing an additional 789,214 shares during the period. Finally, AXQ Capital LP raised its position in shares of Borr Drilling by 2.6% in the second quarter. AXQ Capital LP now owns 124,639 shares of the company’s stock valued at $515,000 after purchasing an additional 3,180 shares during the period. 83.12% of the stock is currently owned by institutional investors.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.