Empowered Funds LLC Boosts Stock Holdings in Borr Drilling Limited $BORR

Key Points

• Empowered Funds LLC more than doubled its Borr Drilling stake in the first quarter, adding 761,433 shares to own 1.42 million shares valued at approximately $8.2 million. Institutional investors and hedge funds collectively own 83.12% of the company.
• Borr Drilling reported a quarterly loss of $0.79 per share, missing the consensus estimate of a $0.21 loss, while revenue of $232.3 million also fell short of analyst expectations.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $4.88 price target. Insider activity was mixed as one director bought 125,000 shares, while another sold 8 million shares.

Empowered Funds LLC grew its position in Borr Drilling Limited (NYSE:BORR - Free Report) by 115.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,422,598 shares of the company's stock after acquiring 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 quarter.

A number of other institutional investors have also recently modified their holdings of BORR. Optiver Holding B.V. boosted its position in Borr Drilling by 186.4% during the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company's stock worth $29,000 after purchasing an additional 3,293 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company's stock worth $34,000 after purchasing an additional 8,133 shares in the last quarter. Inspire Advisors LLC acquired a new position in shares of Borr Drilling during the 4th quarter worth about $44,000. Cetera Investment Advisers purchased a new position in Borr Drilling in the 1st quarter valued at about $66,000. Finally, Quadrature Capital Ltd purchased a new stake in Borr Drilling during the 4th quarter worth approximately $47,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Price Performance

Borr Drilling stock opened at $4.40 on Friday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -5.64 and a beta of 1.02. The company's 50 day simple moving average is $4.26 and its 200-day simple moving average is $5.11. Borr Drilling Limited has a 1 year low of $2.28 and a 1 year high of $6.66.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.67%. The company had revenue of $232.30 million during the quarter, compared to analyst estimates of $245.96 million. As a group, equities research analysts expect that Borr Drilling Limited will post -0.13 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Activity

In other Borr Drilling news, Director Jeffrey Currie purchased 125,000 shares of the business's stock in a transaction on Thursday, August 13th. The shares were bought at an average cost of $4.01 per share, for a total transaction 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 trade represents a 35.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thiago Mordehachvili sold 8,000,000 shares of the stock in a transaction dated 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 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 SEC filing for this sale provides additional information. 7.90% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding BORR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Borr Drilling Limited (NYSE:BORR - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source