Borr Drilling Limited $BORR Shares Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC more than doubled its Borr Drilling position in the first quarter, purchasing 761,433 additional shares to own 1.42 million shares, or approximately 0.45% of the company.
• Institutional ownership remains high at 83.12%, while Director Thiago Mordehachvili sold 8 million shares for $37.6 million, reducing his stake by 17.32%.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and $4.88 price target. Borr Drilling recently missed quarterly earnings expectations, reporting a $0.09 per-share loss versus the expected $0.02 loss.

Empowered Funds LLC raised its position in Borr Drilling Limited (NYSE:BORR - Free Report) by 115.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,422,598 shares of the company's stock after purchasing an additional 761,433 shares during the period. Empowered Funds LLC owned about 0.45% of Borr Drilling worth $8,208,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Quantinno Capital Management LP acquired a new position in shares of Borr Drilling in the first quarter valued at approximately $183,000. Lazard Asset Management LLC purchased a new position in shares of Borr Drilling during the first quarter valued at approximately $2,160,000. Sei Investments Co. boosted its position in Borr Drilling by 300.9% during the first quarter. Sei Investments Co. now owns 276,445 shares of the company's stock worth $1,595,000 after acquiring an additional 207,481 shares during the last quarter. Cetera Investment Advisers acquired a new stake in Borr Drilling during the first quarter worth approximately $66,000. Finally, Dimensional Fund Advisors LP grew its stake in Borr Drilling by 167.3% in the 1st 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 period. 83.12% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Thiago Mordehachvili sold 8,000,000 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the completion of the sale, the director directly owned 38,199,677 shares in the company, valued at $179,538,481.90. This represents a 17.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 7.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Capital One Financial set a $6.00 price target on Borr Drilling and gave the company an "overweight" rating in a report on Wednesday, July 1st. Weiss Ratings restated a "sell (d+)" rating on shares of Borr Drilling in a report on Wednesday, June 24th. Fearnley Fonds raised Borr Drilling from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 21st. Zacks Research upgraded Borr Drilling to a "hold" rating in a research note on Thursday, July 2nd. Finally, Wall Street Zen lowered Borr Drilling from a "hold" rating to a "sell" rating in a research note on Saturday, April 18th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $4.88.

Borr Drilling Price Performance

BORR opened at $4.03 on Friday. Borr Drilling Limited has a 1 year low of $1.86 and a 1 year high of $6.66. The company's 50 day simple moving average is $4.48 and its 200 day simple moving average is $5.13. The stock has a market capitalization of $1.27 billion, a PE ratio of 26.83 and a beta of 1.00. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63.

Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The company had revenue of $247.00 million for the quarter, compared to analyst estimates of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%. As a group, sell-side analysts expect that Borr Drilling Limited will post -0.13 EPS for the current year.

About Borr Drilling

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.