Borr Drilling (NYSE:BORR) Rating Increased to Strong-Buy at Capital One Financial

Capital One Financial upgraded shares of Borr Drilling (NYSE:BORR) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

Several other research analysts also recently commented on the company. Wall Street Zen downgraded Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Borr Drilling in a research report on Wednesday, June 24th. Finally, Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Borr Drilling presently has a consensus rating of “Moderate Buy” and an average target price of $4.88.

Borr Drilling Stock Up 5.0%

Borr Drilling stock opened at $4.34 on Tuesday. The firm has a 50 day simple moving average of $5.23 and a 200 day simple moving average of $5.10. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.82. Borr Drilling has a 1-year low of $1.85 and a 1-year high of $6.66. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 28.91 and a beta of 1.01.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.The company had revenue of $247.00 million during the quarter, compared to the consensus estimate of $253.35 million.

Insider Buying and Selling

In other news, Director Thiago Mordehachvili sold 8,000,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds have recently made changes to their positions in BORR. DNB Asset Management AS grew its holdings in shares of Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock valued at $35,351,000 after purchasing an additional 4,896,701 shares during the last quarter. Sona Asset Management US LLC purchased a new stake in Borr Drilling during the third quarter valued at about $17,180,000. Marshall Wace LLP boosted its position 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 during the period. State Street Corp grew its stake in shares of Borr Drilling by 4.5% during the fourth quarter. State Street Corp now owns 4,212,987 shares of the company’s stock valued at $16,978,000 after buying an additional 180,141 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Borr Drilling by 1,025.5% during the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after buying an additional 3,471,979 shares during the last quarter. 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.