Insider Buying: Borr Drilling (NYSE:BORR) COO Purchases $1,473,000.00 in Stock

Key Points

• Borr Drilling COO Harvey Edward Snowling purchased 300,000 shares at an average price of $4.91, investing $1.473 million and increasing his direct holdings by 205.56% to 445,944 shares.
• Borr Drilling’s shares recently traded at $4.58, while the company reported a quarterly loss of $0.79 per share—significantly below the $0.21 loss analysts expected—and revenue below estimates.
• Analyst sentiment remains mixed, with a consensus rating of Hold and a $5.27 price target; institutional investors own approximately 83.12% of the company.

Borr Drilling Limited (NYSE:BORR - Get Free Report) COO Harvey Edward Snowling bought 300,000 shares of the stock in a transaction dated Wednesday, October 14th. The stock was purchased at an average price of $4.91 per share, with a total value of $1,473,000.00. Following the acquisition, the chief operating officer directly owned 445,944 shares in the company, valued at approximately $2,189,585.04. The trade was a 205.56% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Borr Drilling Stock Up 0.5%

Shares of BORR traded up $0.03 during mid-day trading on Friday, hitting $4.58. The company's stock had a trading volume of 3,682,193 shares, compared to its average volume of 7,028,054. Borr Drilling Limited has a 52-week low of $2.53 and a 52-week high of $6.66. The company's 50-day moving average is $4.37 and its 200-day moving average is $4.80. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -5.87 and a beta of 1.08. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58.

Borr Drilling (NYSE:BORR - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.58). The firm had revenue of $232.30 million during the quarter, compared to analyst estimates of $245.96 million. Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.95%. On average, equities research analysts forecast that Borr Drilling Limited will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BORR shares. Weiss Ratings raised Borr Drilling from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, October 9th. Wall Street Zen cut shares of Borr Drilling from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. SEB Equity Research set a $3.55 price target on Borr Drilling in a research report on Monday, August 17th. Zacks Research cut Borr Drilling from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 15th. Finally, Capital One Financial set a $6.00 target price on shares of Borr Drilling and gave the company an "overweight" rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $5.27.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BORR. Encompass Capital Advisors LLC purchased a new position in Borr Drilling in the 4th quarter worth approximately $14,326,000. Dimensional Fund Advisors LP lifted its position in shares of Borr Drilling by 167.3% during the first 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 in the last quarter. Goehring & Rozencwajg Associates LLC boosted 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 valued at $12,229,000 after purchasing an additional 496,302 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Borr Drilling in the first quarter valued at $12,061,000. Finally, Empowered Funds LLC grew its holdings in Borr Drilling by 115.2% during the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company's stock valued at $8,208,000 after purchasing an additional 761,433 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company's stock.

About Borr Drilling

Borr Drilling Limited NYSE: BORR is an offshore drilling contractor that provides drilling services to oil and gas companies. The company focuses primarily on jack-up rigs, which are mobile offshore drilling units used in relatively shallow waters for exploration, development and production drilling.

Borr Drilling owns and operates a fleet of modern jack-up rigs, including premium and high-specification units designed to work in a range of offshore environments. Its services support customers throughout the drilling life cycle, from exploratory wells to development and production activities.

Established in 2016 and headquartered in Hamilton, Bermuda, Borr Drilling expanded its fleet through the acquisition of jack-up rigs from Transocean in 2017.

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.