Borr Drilling Limited (NYSE:BORR) Given Consensus Rating of “Hold” by Brokerages

Shares of Borr Drilling Limited (NYSE:BORR) have been assigned an average recommendation of “Hold” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $5.2667.

BORR has been the subject of several recent analyst reports. Wall Street Zen downgraded Borr Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Zacks Research cut Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday. Weiss Ratings cut Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, August 12th. Capital One Financial set a $6.00 target price on shares of Borr Drilling and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Finally, SEB Equity Research set a $3.55 price target on shares of Borr Drilling in a research note on Monday, August 17th.

Insider Activity

In related news, Director Jeffrey Currie acquired 125,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average cost of $4.01 per share, for a total transaction of $501,250.00. Following the completion of the acquisition, the director directly owned 479,423 shares in the company, valued at approximately $1,922,486.23. The trade was a 35.27% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Borr Drilling

Large investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. lifted its holdings in shares of Borr Drilling by 186.4% in the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock valued at $29,000 after purchasing an additional 3,293 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after buying an additional 8,133 shares in the last quarter. Cetera Investment Advisers acquired a new stake in Borr Drilling in the 1st quarter valued at approximately $66,000. Great Lakes Advisors LLC acquired a new stake in Borr Drilling in the 2nd quarter valued at approximately $85,000. Finally, Amundi acquired a new stake in Borr Drilling in the 1st quarter valued at approximately $134,000. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Stock Up 2.1%

Shares of NYSE:BORR opened at $4.45 on Monday. Borr Drilling has a 52 week low of $2.44 and a 52 week high of $6.66. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.53 and a current ratio of 2.53. The company has a market capitalization of $1.40 billion, a PE ratio of -5.71 and a beta of 1.03. The company has a 50 day moving average price of $4.28 and a two-hundred day moving average price of $4.94.

Borr Drilling (NYSE:BORR) last posted 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 firm had revenue of $232.30 million during the quarter, compared to analyst estimates of $245.96 million. Analysts forecast that Borr Drilling will post -0.48 earnings per share for the current year.

Borr Drilling Company Profile

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.