Wall Street Zen Downgrades Borr Drilling (NYSE:BORR) to Strong Sell

Key Points

• Wall Street Zen downgraded Borr Drilling to “strong sell” from “sell,” despite mixed analyst views. MarketBeat’s consensus remains “Moderate Buy,” with an average price target of $4.88.
• BORR shares opened at $3.85, below their 50-day and 200-day moving averages of $4.35 and $5.11, respectively. The stock has traded between $2.14 and $6.66 over the past year.
• Borr Drilling reported a quarterly loss of $0.09 per share, missing the $0.02 loss estimate, while revenue of $247 million also fell short of expectations. A company director sold 8 million shares for $37.6 million, reducing his ownership by 17.32%.

Borr Drilling (NYSE:BORR - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday.

Several other research analysts have also recently weighed in on BORR. Capital One Financial set a $6.00 price objective on Borr Drilling and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Zacks Research upgraded Borr Drilling to a "hold" rating in a research note on Thursday, July 2nd. Fearnley Fonds raised shares of Borr Drilling from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 21st. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $4.88.

Borr Drilling Price Performance

Borr Drilling stock opened at $3.85 on Friday. Borr Drilling has a 52 week low of $2.14 and a 52 week high of $6.66. The company's 50 day moving average price is $4.35 and its two-hundred day moving average price is $5.11. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82. The stock has a market cap of $1.22 billion, a P/E ratio of 25.70 and a beta of 1.02.

Borr Drilling (NYSE:BORR - Get Free Report) last released its earnings results on Wednesday, May 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $247.00 million during the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%. On average, equities analysts predict that Borr Drilling will post -0.13 earnings per share for the current year.

Insider Buying and Selling

In related 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 transaction, the director owned 38,199,677 shares in the company, valued at approximately $179,538,481.90. This represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.90% of the company's stock.

Institutional Trading of Borr Drilling

Hedge funds have recently made changes to their positions in the company. Optiver Holding B.V. lifted its position in shares of Borr Drilling by 186.4% during the 1st quarter. Optiver Holding B.V. now owns 5,060 shares of the company's stock valued at $29,000 after buying an additional 3,293 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Borr Drilling by 2,435.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company's stock worth $34,000 after acquiring an additional 8,133 shares during the last quarter. Abel Hall LLC bought a new stake in Borr Drilling in the 3rd quarter valued at about $43,000. Oxford Asset Management LLP bought a new stake in Borr Drilling in the 2nd quarter valued at about $43,000. Finally, Inspire Advisors LLC purchased a new stake in Borr Drilling during the fourth quarter valued at about $44,000. 83.12% of the stock is currently 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.

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