Orbis Allan Gray Ltd Lowers Position in Borr Drilling Limited $BORR

Key Points

• Orbis Allan Gray Ltd reduced its holdings in Borr Drilling by 37.8%, selling 4,620,754 shares during the first quarter, leaving it with a total of 7,617,577 shares valued at approximately $16.68 million.
• Analysts have recently downgraded Borr Drilling, with Fearnley Fonds and BTIG Research changing their ratings from "strong-buy" and "buy" to "hold" and "neutral", respectively.
• Borr Drilling's stock opened at $2.91 on Friday, representing a decline of 1.9%, while the company reported a net margin of 5.48% and earnings per share of $0.14 for the latest quarter.

Orbis Allan Gray Ltd cut its stake in Borr Drilling Limited (NYSE:BORR - Free Report) by 37.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,617,577 shares of the company's stock after selling 4,620,754 shares during the quarter. Orbis Allan Gray Ltd owned 3.18% of Borr Drilling worth $16,682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in BORR. Summit Trail Advisors LLC bought a new stake in shares of Borr Drilling in the first quarter worth approximately $25,000. Oak Thistle LLC bought a new stake in shares of Borr Drilling in the first quarter worth approximately $26,000. Abel Hall LLC bought a new stake in shares of Borr Drilling in the first quarter worth approximately $29,000. State of Wyoming bought a new stake in shares of Borr Drilling in the first quarter worth approximately $30,000. Finally, Monaco Asset Management SAM bought a new stake in shares of Borr Drilling in the first quarter worth approximately $33,000. 83.12% of the stock is currently owned by institutional investors.

Borr Drilling Price Performance

NYSE:BORR traded up $0.01 during trading hours on Wednesday, hitting $2.77. 2,470,881 shares of the stock traded hands, compared to its average volume of 5,581,082. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.91. Borr Drilling Limited has a 1 year low of $1.55 and a 1 year high of $5.82. The company has a market cap of $653.18 million, a price-to-earnings ratio of 13.17 and a beta of 1.99. The stock has a 50 day moving average price of $2.24 and a 200 day moving average price of $2.14.

Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.03. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%. The business had revenue of $267.70 million for the quarter, compared to the consensus estimate of $265.81 million.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Fearnley Fonds lowered shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. SEB Equity Research set a $2.40 target price on shares of Borr Drilling in a research report on Monday. Finally, BTIG Research lowered shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $5.70.

Borr Drilling Profile

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.