Borr Drilling (NYSE:BORR) Director Jeffrey Currie Purchases 125,000 Shares of Stock

Key Points

• Director Jeffrey Currie purchased 125,000 Borr Drilling shares at an average price of $4.01, investing $501,250 and increasing his direct ownership by 35.27% to 479,423 shares.
• Borr Drilling shares opened at $4.04 after declining 1.8%; the company recently reported a quarterly loss of $0.79 per share, substantially worse than analysts’ expected loss of $0.21, while revenue also fell short of estimates.
• Institutional investors own 83.12% of the stock, and analysts’ average rating is “Moderate Buy” with a $4.88 price target, although ratings range from Strong Buy to Strong Sell.

Borr Drilling Limited (NYSE:BORR - Get Free Report) Director Jeffrey Currie bought 125,000 shares of Borr Drilling stock in a transaction on Thursday, August 13th. The shares were purchased at an average cost of $4.01 per share, with a total value of $501,250.00. Following the acquisition, the director directly owned 479,423 shares of the company's stock, valued at approximately $1,922,486.23. The trade was a 35.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Borr Drilling Trading Down 1.8%

Shares of BORR opened at $4.04 on Friday. The firm's fifty day moving average is $4.27 and its two-hundred day moving average is $5.11. 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 stock has a market cap of $1.27 billion, a PE ratio of -5.17 and a beta of 1.02. Borr Drilling Limited has a 52-week low of $2.28 and a 52-week high of $6.66.

Borr Drilling (NYSE:BORR - Get Free Report) last posted 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). The business had revenue of $232.30 million for the quarter, compared to analyst estimates of $245.96 million. Borr Drilling had a negative return on equity of 5.67% and a negative net margin of 23.98%. Research analysts forecast that Borr Drilling Limited will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds have recently added to or reduced their stakes in BORR. DNB Asset Management AS grew its holdings in Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company's stock worth $35,351,000 after acquiring an additional 4,896,701 shares in the last quarter. Sona Asset Management US LLC acquired a new position in shares of Borr Drilling during the third quarter worth $17,180,000. Marshall Wace LLP increased its holdings in Borr Drilling by 9,222.0% in the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company's stock valued at $18,433,000 after buying an additional 4,524,772 shares during the last quarter. State Street Corp raised its stake in Borr Drilling by 4.5% in the fourth quarter. State Street Corp now owns 4,212,987 shares of the company's stock valued at $16,978,000 after buying an additional 180,141 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock worth $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.

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