Borr Drilling (NYSE:BORR) Shares Up 5.5% - Here's What Happened

Key Points

• Borr Drilling shares rose 5.5% to approximately $4.35, although trading volume was about 70% below the average session volume.
• Analyst opinions remain mixed, but the stock carries a consensus “Moderate Buy” rating and a $5.27 average price target.
• The company reported a significant quarterly earnings miss, posting $(0.79) per share versus the $(0.21) consensus estimate, while director Jeffrey Currie bought 125,000 shares and institutional investors own 83.12% of the stock.

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares rose 5.5% on Tuesday . The company traded as high as $4.31 and last traded at $4.3450. Approximately 2,040,903 shares were traded during trading, a decline of 70% from the average session volume of 6,857,072 shares. The stock had previously closed at $4.12.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BORR shares. Wall Street Zen lowered shares of Borr Drilling from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Capital One Financial set a $6.00 target price on Borr Drilling and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. SEB Equity Research set a $3.55 price target on Borr Drilling in a research note on Monday, August 17th. Zacks Research raised Borr Drilling to a "hold" rating in a report on Thursday, July 2nd. Finally, Weiss Ratings lowered Borr Drilling from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $5.27.

Borr Drilling Stock Up 5.8%

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 stock has a market capitalization of $1.38 billion, a P/E ratio of -5.58 and a beta of 1.03. The stock's 50 day simple moving average is $4.29 and its 200 day simple moving average is $4.98.

Borr Drilling (NYSE:BORR - Get Free Report) last released its earnings results on Wednesday, August 12th. 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 return on equity of 5.95% and a negative net margin of 23.98%.The company had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. As a group, research analysts predict that Borr Drilling Limited will post -0.13 EPS for the current fiscal year.

Insider Transactions at Borr Drilling

In other news, Director Jeffrey Currie bought 125,000 shares of Borr Drilling stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the acquisition, the director directly owned 479,423 shares in the company, valued at approximately $1,922,486.23. This represents a 35.27% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Borr Drilling

Institutional investors have recently made changes to their positions in the company. Encompass Capital Advisors LLC bought a new position in Borr Drilling in the fourth quarter worth about $14,326,000. Dimensional Fund Advisors LP grew its holdings 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 valued at $20,148,000 after purchasing an additional 2,185,639 shares during the last quarter. Capital International Investors raised its position in shares of Borr Drilling by 0.7% during the 4th quarter. Capital International Investors now owns 2,959,071 shares of the company's stock worth $11,925,000 after purchasing an additional 19,241 shares during the period. Goehring & Rozencwajg Associates LLC raised its position in shares of Borr Drilling by 30.6% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company's stock worth $12,229,000 after purchasing an additional 496,302 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Borr Drilling in the 1st quarter worth approximately $12,061,000. 83.12% of the stock is currently owned by institutional investors.

About Borr Drilling

Borr Drilling Limited is an offshore drilling contractor that provides drilling services to oil and gas companies. Its principal business is the operation of a fleet of modern jack-up drilling rigs, which are designed to operate in shallow-water environments and support exploration, development and production drilling programs.

The company offers rig contracting and related offshore drilling services, including equipment, crews and operational support. Its jack-up rigs are used for projects in established and emerging offshore energy markets, with operations serving customers across regions such as the North Sea, the Middle East, Southeast Asia, West Africa and the Americas, depending on contract activity.

Borr Drilling was established in 2016 and expanded through the acquisition and integration of jack-up drilling assets from other industry participants.

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