Borr Drilling (NYSE:BORR) Shares Gap Up - What's Next?

Key Points

• Borr Drilling shares opened higher, rising from a prior close of $4.30 to $4.45 before settling near $4.31.
• Analysts hold a consensus “Moderate Buy” rating with a $5.27 price target, although opinions range from Strong Buy to Strong Sell.
• The company reported a significant quarterly loss, with EPS of $(0.79) versus the $(0.21) estimate and revenue below expectations; meanwhile, director Jeffrey Currie purchased 125,000 shares.

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $4.30, but opened at $4.45. Borr Drilling shares last traded at $4.3050, with a volume of 323,591 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BORR. SEB Equity Research set a $3.55 price target on shares of Borr Drilling in a research note on Monday, August 17th. Weiss Ratings lowered Borr Drilling from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, August 12th. Capital One Financial set a $6.00 price objective on Borr Drilling and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. Zacks Research upgraded Borr Drilling to a "hold" rating in a research note on Thursday, July 2nd. Finally, 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. 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 data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.27.

Borr Drilling Stock Up 0.8%

The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58. The company has a 50 day simple moving average of $4.30 and a two-hundred day simple moving average of $5.02. The firm has a market capitalization of $1.37 billion, a P/E ratio of -5.57 and a beta of 1.03.

Borr Drilling (NYSE:BORR - Get Free Report) last released its quarterly earnings data 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). 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 for the quarter, compared to the consensus estimate of $245.96 million. On average, equities analysts predict that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jeffrey Currie purchased 125,000 shares of the firm's stock in a transaction on Thursday, August 13th. The shares were acquired at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the purchase, the director directly owned 479,423 shares in the company, valued at $1,922,486.23. This trade represents a 35.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Borr Drilling

Several large investors have recently made changes to their positions in BORR. AQR Capital Management LLC purchased a new stake in shares of Borr Drilling in the first quarter worth about $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Borr Drilling by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company's stock worth $309,000 after acquiring an additional 6,012 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock worth $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Borr Drilling during the 1st quarter valued at approximately $186,000. Finally, Creative Planning boosted its position in shares of Borr Drilling by 13.1% during the 2nd quarter. Creative Planning now owns 229,786 shares of the company's stock valued at $421,000 after acquiring an additional 26,541 shares during the last quarter. 83.12% of the stock is owned by institutional investors.

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.

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