Masters Capital Management LLC Sells 900,000 Shares of Borr Drilling Limited $BORR

Key Points

• Masters Capital Management cut its Borr Drilling stake by 31%, selling 900,000 shares and retaining 2 million shares worth approximately $11.54 million.
• Institutional investors own 83.12% of Borr Drilling, with several funds—including DNB Asset Management, Marshall Wace, and Millennium Management—substantially increasing their positions.
• Borr Drilling reported a quarterly loss of $0.09 per share, missing expectations by $0.07, while its stock opened at $4.23; analysts maintain a “Moderate Buy” consensus with a $4.88 target price.

Masters Capital Management LLC trimmed its holdings in Borr Drilling Limited (NYSE:BORR - Free Report) by 31.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,000,000 shares of the company's stock after selling 900,000 shares during the period. Masters Capital Management LLC owned 0.63% of Borr Drilling worth $11,540,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BORR. DNB Asset Management AS boosted its holdings in Borr Drilling by 126.4% in the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company's stock worth $35,351,000 after purchasing an additional 4,896,701 shares in the last quarter. Sona Asset Management US LLC bought a new position in Borr Drilling during the third quarter valued at about $17,180,000. Marshall Wace LLP raised its holdings in Borr Drilling by 9,222.0% during the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company's stock valued at $18,433,000 after buying an additional 4,524,772 shares in the last quarter. State Street Corp lifted its position in shares of Borr Drilling by 4.5% in the fourth quarter. State Street Corp now owns 4,212,987 shares of the company's stock worth $16,978,000 after buying an additional 180,141 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock worth $8,345,000 after buying an additional 3,471,979 shares during the last quarter. Institutional investors own 83.12% of the company's stock.

Borr Drilling Stock Performance

NYSE:BORR opened at $4.23 on Monday. The firm's 50-day moving average is $4.68 and its 200-day moving average is $5.14. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 28.23 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 Limited has a 52-week low of $1.86 and a 52-week high of $6.66.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm 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%. Equities research analysts anticipate that Borr Drilling Limited will post -0.13 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on BORR. Fearnley Fonds raised Borr Drilling from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 21st. Wall Street Zen lowered Borr Drilling from a "hold" rating to a "sell" rating in a report on Saturday, April 18th. Weiss Ratings restated a "sell (d+)" rating on shares of Borr Drilling in a report on Wednesday, June 24th. Zacks Research raised Borr Drilling to a "hold" rating in a research report on Thursday, July 2nd. 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 equities research analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $4.88.

Insider Buying and Selling at Borr Drilling

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

Borr Drilling Company Profile

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.

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