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

Key Points

• Borr Drilling shares jumped from a $4.04 close to a $4.30 open, later trading near $4.395, after Director Jeffrey Currie bought 125,000 shares for approximately $501,250.
• Analyst opinions are mixed, but the overall consensus is “Moderate Buy” with an average price target of $4.88; ratings range from “Strong Buy” to “Strong Sell.”
• The company reported a quarterly loss of $0.79 per share, significantly missing the $0.21 consensus estimate, while revenue of $232.3 million also fell short of expectations.

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s share price gapped up prior to trading on Friday following insider buying activity. 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 traded.

Specifically, Director Jeffrey Currie purchased 125,000 shares of Borr Drilling stock in a transaction on Thursday, August 13th. The shares were bought 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 in the company, valued at $1,922,486.23. This trade represents a 35.27% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

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

Borr Drilling Stock Performance

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

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.58). The firm 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%. Equities analysts predict that Borr Drilling Limited will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Borr Drilling

Institutional investors and hedge funds have recently modified their holdings of the stock. Optiver Holding B.V. raised its holdings in shares of Borr Drilling by 186.4% during the 1st quarter. Optiver Holding B.V. now owns 5,060 shares of the company's stock valued at $29,000 after buying an additional 3,293 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in Borr Drilling by 2,435.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company's stock worth $34,000 after acquiring an additional 8,133 shares during the period. Abel Hall LLC acquired a new stake in Borr Drilling in the third quarter valued at approximately $43,000. Oxford Asset Management LLP acquired a new stake in Borr Drilling in the second quarter valued at approximately $43,000. Finally, Inspire Advisors LLC acquired a new stake in Borr Drilling in the fourth quarter valued at approximately $44,000. Hedge funds and other 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.

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