Borr Drilling Limited (NYSE:BORR) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Borr Drilling received a “Moderate Buy” consensus rating from five brokerages, with an average 12-month price target of $5.27 versus the stock’s $4.26 opening price.
• Director Jeffrey Currie purchased 125,000 shares for approximately $501,250, increasing his ownership by 35.27%; institutional investors own 83.12% of the company.
• The company reported a quarterly loss of $0.79 per share, missing the $0.21 consensus estimate, while revenue of $232.3 million also fell short of analyst expectations.

Borr Drilling Limited (NYSE:BORR - Get Free Report) has received an average rating of "Moderate Buy" from the five brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $5.2667.

A number of equities research analysts have issued reports on the stock. Capital One Financial set a $6.00 target price on shares of Borr Drilling and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Zacks Research raised shares of Borr Drilling to a "hold" rating in a research note on Thursday, July 2nd. SEB Equity Research set a $3.55 price objective on Borr Drilling in a report on Monday, August 17th. Wall Street Zen cut Borr Drilling from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings downgraded Borr Drilling from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, August 12th.

Insider Buying and Selling at Borr Drilling

In other news, Director Jeffrey Currie purchased 125,000 shares of Borr Drilling stock in a transaction dated Thursday, August 13th. The stock was acquired at an average cost of $4.01 per share, for a total transaction of $501,250.00. Following the acquisition, the director directly owned 479,423 shares in the company, valued at $1,922,486.23. This represents a 35.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Borr Drilling

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

Borr Drilling Price Performance

Shares of BORR opened at $4.26 on Monday. The business's 50-day moving average is $4.29 and its 200-day moving average is $5.00. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.53 and a quick ratio of 2.53. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -5.47 and a beta of 1.03. Borr Drilling has a fifty-two week low of $2.44 and a fifty-two week high of $6.66.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%.The company had revenue of $232.30 million for the quarter, compared to analyst estimates of $245.96 million. Equities research analysts expect that Borr Drilling will post -0.13 EPS for the current fiscal year.

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.

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