Wedbush Securities Inc. Buys New Shares in Borr Drilling Limited $BORR

Wedbush Securities Inc. bought a new stake in shares of Borr Drilling Limited (NYSE:BORR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 207,000 shares of the company’s stock, valued at approximately $805,000. Wedbush Securities Inc. owned about 0.07% of Borr Drilling at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in shares of Borr Drilling by 167.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,491,730 shares of the company’s stock valued at $20,148,000 after acquiring an additional 2,185,639 shares during the last quarter. Goehring & Rozencwajg Associates LLC grew its holdings in shares of Borr Drilling by 30.6% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,119,465 shares of the company’s stock worth $12,229,000 after acquiring an additional 496,302 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Borr Drilling in the 1st quarter worth $12,061,000. Empowered Funds LLC raised its position in shares of Borr Drilling by 115.2% during the first quarter. Empowered Funds LLC now owns 1,422,598 shares of the company’s stock worth $8,208,000 after purchasing an additional 761,433 shares during the period. Finally, Squarepoint Ops LLC raised its position in shares of Borr Drilling by 129.8% during the second quarter. Squarepoint Ops LLC now owns 1,397,369 shares of the company’s stock worth $5,771,000 after purchasing an additional 789,214 shares during the period. 83.12% of the stock is currently owned by institutional investors.

Key Stories Impacting Borr Drilling

Here are the key news stories impacting Borr Drilling this week:

• Negative Sentiment: The rig reportedly lost stability in a “punch-through event” and sank during drilling operations. Initial reports said one person died and several others were missing; subsequent updates said 110 personnel were rescued while search-and-rescue efforts continued for missing crew members. Borr Drilling Sinks 8% as Prospector 5 Rig Goes Down Off Gabon in Punch Through Event
• Negative Sentiment: Prospector 5 is a material operating asset, so the loss could reduce Borr Drilling’s available rig capacity and revenue, while potentially creating recovery, insurance, regulatory and customer-claim costs. The incident also puts the company’s safety record and execution under scrutiny. BW Energy Confirms Drilling Rig Incident on Dussafu License
• Negative Sentiment: The event compounds existing financial concerns: Borr previously reported a sizable quarterly EPS miss and remains loss-making, while its debt-to-equity ratio is elevated. Investors may therefore be more sensitive to an unexpected asset loss or prolonged downtime. Borr Drilling Shares Sink Following Drilling Rig Incident
• Neutral Sentiment: Borr Drilling and BW Energy have issued incident updates, but the final casualty count, cause of the sinking, environmental impact, insurance coverage and effect on the drilling contract remain subject to investigation. Further disclosures will likely determine the ultimate financial impact. Borr Drilling Limited Prospector 5 Rig Incident Update

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BORR shares. Capital One Financial set a $6.00 price target on Borr Drilling and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen lowered shares of Borr Drilling from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Weiss Ratings upgraded shares of Borr Drilling from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 9th. Finally, SEB Equity Research set a $3.55 target price on shares of Borr Drilling in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Borr Drilling has an average rating of “Hold” and a consensus price target of $5.27.

Insider Activity at Borr Drilling

In related news, COO Harvey Snowling acquired 300,000 shares of the stock in a transaction that occurred on Wednesday, October 14th. The shares were purchased at an average cost of $4.91 per share, with a total value of $1,473,000.00. Following the completion of the transaction, the chief operating officer owned 445,944 shares of the company’s stock, valued at approximately $2,189,585.04. This trade represents a 205.56% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey Currie acquired 125,000 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was bought at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the purchase, the director owned 479,423 shares in the company, valued at approximately $1,922,486.23. This trade represents a 35.27% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 7.90% of the company’s stock.

Borr Drilling Stock Down 10.3%

NYSE:BORR opened at $3.94 on Tuesday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -5.06 and a beta of 1.08. Borr Drilling Limited has a 1-year low of $2.89 and a 1-year high of $6.66. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58. The business’s fifty day moving average price is $4.38 and its 200 day moving average price is $4.88.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.58). The business had revenue of $232.30 million during the quarter, compared to analysts’ expectations of $245.96 million. Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. On average, sell-side analysts forecast that Borr Drilling Limited will post -0.51 earnings per share for the current fiscal year.

About Borr Drilling

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.