Borr Drilling Limited $BORR Shares Bought by Goehring & Rozencwajg Associates LLC

Goehring & Rozencwajg Associates LLC raised its stake in Borr Drilling Limited (NYSE:BORR) by 30.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,119,465 shares of the company’s stock after buying an additional 496,302 shares during the quarter. Goehring & Rozencwajg Associates LLC’s holdings in Borr Drilling were worth $12,229,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sona Asset Management US LLC purchased a new stake in shares of Borr Drilling in the third quarter valued at about $17,180,000. DNB Asset Management AS raised its stake in Borr Drilling by 126.4% during the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the period. Marshall Wace LLP raised its stake 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 worth $18,433,000 after purchasing an additional 4,524,772 shares during the period. Encompass Capital Advisors LLC acquired a new position in Borr Drilling in the 4th quarter valued at about $14,326,000. Finally, Millennium Management LLC boosted its holdings in Borr Drilling by 1,025.5% in the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after purchasing an additional 3,471,979 shares during the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Borr Drilling

In other news, Director Thiago Mordehachvili sold 8,000,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director directly owned 38,199,677 shares in the company, valued at $179,538,481.90. This trade represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.90% of the stock is currently owned by corporate insiders.

Borr Drilling Stock Performance

Shares of BORR stock opened at $4.32 on Thursday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market cap of $1.36 billion, a P/E ratio of 28.77 and a beta of 1.00. The firm’s 50 day moving average price is $4.95 and its 200-day moving average price is $5.13. Borr Drilling Limited has a one year low of $1.85 and a one year high of $6.66.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BORR. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Wall Street Zen lowered Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of Borr Drilling in a research note on Wednesday, June 24th. Finally, Zacks Research upgraded Borr Drilling to a “hold” rating in a research report on Thursday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Borr Drilling presently has an average rating of “Moderate Buy” and an average target price of $4.88.

Borr Drilling Profile

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.