Borr Drilling (NYSE:BORR) Shares Gap Up – Time to Buy?

Shares of Borr Drilling Limited (NYSE:BORR) gapped up prior to trading on Monday. The stock had previously closed at $4.78, but opened at $4.93. Borr Drilling shares last traded at $5.0050, with a volume of 4,702,357 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Zacks Research downgraded shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 15th. Weiss Ratings raised shares of Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday. Capital One Financial set a $6.00 price target on shares of Borr Drilling and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Wall Street Zen cut shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Borr Drilling has an average rating of “Hold” and an average price target of $5.27.

Borr Drilling Stock Performance

The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 2.58. The stock has a fifty day simple moving average of $4.34 and a 200-day simple moving average of $4.82. The company has a market capitalization of $1.52 billion, a P/E ratio of -6.17 and a beta of 1.08.

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). The firm had revenue of $232.30 million during the quarter, compared to the consensus estimate of $245.96 million. Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. Equities analysts forecast that Borr Drilling Limited will post -0.48 EPS for the current year.

Insider Buying and Selling

In other news, Director Jeffrey Currie acquired 125,000 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were purchased at an average cost of $4.01 per share, with a total value of $501,250.00. Following the completion of the purchase, the director owned 479,423 shares of the company’s stock, valued at $1,922,486.23. This represents a 35.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC boosted its holdings in shares of Borr Drilling by 129.8% in the 2nd quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock worth $5,771,000 after acquiring an additional 789,214 shares in the last quarter. AXQ Capital LP increased its holdings in Borr Drilling by 2.6% during the 2nd quarter. AXQ Capital LP now owns 124,639 shares of the company’s stock valued at $515,000 after purchasing an additional 3,180 shares in the last quarter. BTG Pactual Asset Management US LLC acquired a new stake in Borr Drilling during the 2nd quarter valued at $1,536,000. Great Lakes Advisors LLC bought a new position in Borr Drilling in the 2nd quarter valued at $85,000. Finally, Empowered Funds LLC raised its position in Borr Drilling by 115.2% in the 1st quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock valued at $8,208,000 after purchasing an additional 761,433 shares during the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides drilling services to oil and gas companies. The company focuses primarily on jack-up rigs, which are mobile offshore drilling units used in relatively shallow waters for exploration, development and production drilling.

Borr Drilling owns and operates a fleet of modern jack-up rigs, including premium and high-specification units designed to work in a range of offshore environments. Its services support customers throughout the drilling life cycle, from exploratory wells to development and production activities.

Established in 2016 and headquartered in Hamilton, Bermuda, Borr Drilling expanded its fleet through the acquisition of jack-up rigs from Transocean in 2017.