Borr Drilling Limited $BORR Stock: Pekin Hardy Strauss Inc. Decreases Position

Key Points

• Pekin Hardy Strauss cut its Borr Drilling stake by 92.1% in the third quarter, leaving it with 49,787 shares worth about $194,000. Institutional investors and hedge funds collectively own 83.12% of the stock.
• Company insiders bought shares: COO Harvey Snowling purchased 300,000 shares and Director Jeffrey Currie bought 125,000. Insiders own 7.90% of Borr Drilling.
• Analysts’ consensus rating is Hold, with an average price target of $5.27; Borr reported a larger-than-expected quarterly loss and revenue below estimates. The stock opened at $3.25, within a 12-month range of $2.89–$6.66.

Pekin Hardy Strauss Inc. cut its position in Borr Drilling Limited (NYSE:BORR - Free Report) by 92.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,787 shares of the company's stock after selling 579,750 shares during the period. Pekin Hardy Strauss Inc.'s holdings in Borr Drilling were worth $194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in Borr Drilling by 167.3% during the 1st 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 during the last quarter. Goehring & Rozencwajg Associates LLC lifted its stake in shares of Borr Drilling by 30.6% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company's stock worth $12,229,000 after buying an additional 496,302 shares in the last quarter. Empowered Funds LLC boosted its position in Borr Drilling by 115.2% during the first quarter. Empowered Funds LLC now owns 1,422,598 shares of the company's stock worth $8,208,000 after acquiring an additional 761,433 shares during the last quarter. Squarepoint Ops LLC boosted its position in Borr Drilling by 129.8% during the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company's stock worth $5,771,000 after acquiring an additional 789,214 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Borr Drilling by 4.9% during the first quarter. Bank of New York Mellon Corp now owns 709,097 shares of the company's stock worth $4,091,000 after acquiring an additional 33,323 shares during the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO Harvey Snowling purchased 300,000 shares of the stock in a transaction dated Wednesday, October 14th. The stock was acquired at an average cost of $4.91 per share, for a total transaction of $1,473,000.00. Following the completion of the transaction, the chief operating officer directly owned 445,944 shares in the company, valued at approximately $2,189,585.04. This represents a 205.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey Currie acquired 125,000 shares of the company's stock in a transaction dated Thursday, August 13th. The stock was purchased at an average cost of $4.01 per share, with a total value of $501,250.00. Following the completion of the purchase, the director directly owned 479,423 shares of the company's stock, valued at approximately $1,922,486.23. This represents a 35.27% increase in their position. The disclosure for this purchase is available in the SEC filing. 7.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BORR shares. Wall Street Zen lowered shares of Borr Drilling from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. SEB Equity Research set a $3.55 target price on Borr Drilling in a report on Monday, August 17th. Zacks Research lowered Borr Drilling from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 15th. Finally, Weiss Ratings cut Borr Drilling from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, October 26th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $5.27.

Borr Drilling Trading Up 0.2%

NYSE BORR opened at $3.25 on Monday. The firm's 50-day moving average is $4.25 and its two-hundred day moving average is $4.85. Borr Drilling Limited has a 12 month low of $2.89 and a 12 month high of $6.66. 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 stock has a market capitalization of $1.02 billion, a P/E ratio of -4.16 and a beta of 1.02.

Borr Drilling (NYSE:BORR - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.58). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. The company had revenue of $232.30 million during the quarter, compared to analysts' expectations of $245.96 million. On average, sell-side analysts anticipate that Borr Drilling Limited will post -0.51 earnings per share for the current year.

About Borr Drilling

Borr Drilling Limited NYSE: BORR is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling's services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.

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