Borr Drilling Sees Unusually Large Options Volume (NYSE:BORR)

Borr Drilling Limited (NYSE:BORR) saw some unusual options trading activity on Thursday. Stock traders bought 4,082 call options on the company. This represents an increase of 215% compared to the typical volume of 1,296 call options.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Glenorchy Capital Ltd purchased a new position in shares of Borr Drilling in the 4th quarter worth about $2,484,000. Jennison Associates LLC purchased a new position in shares of Borr Drilling during the 4th quarter valued at about $856,000. DNB Asset Management AS lifted its position in Borr Drilling by 22,394.8% in the 3rd quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock worth $10,424,000 after buying an additional 3,857,948 shares during the last quarter. Tudor Investment Corp ET AL lifted its position in Borr Drilling by 77.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock worth $1,768,000 after buying an additional 287,428 shares during the last quarter. Finally, TT International Asset Management LTD bought a new stake in Borr Drilling in the 4th quarter worth approximately $1,024,000. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Price Performance

BORR traded down $0.96 on Thursday, reaching $5.23. The company had a trading volume of 12,579,815 shares, compared to its average volume of 7,254,444. Borr Drilling has a 52-week low of $1.55 and a 52-week high of $6.66. The company has a market cap of $1.65 billion, a price-to-earnings ratio of 30.93 and a beta of 1.04. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19. The business has a 50 day simple moving average of $5.71 and a 200 day simple moving average of $4.82.

Borr Drilling (NYSE:BORR) last released 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). The company had revenue of $247.00 million during the quarter, compared to analysts’ expectations of $253.35 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

Wall Street Analyst Weigh In

BORR has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Weiss Ratings downgraded shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Citigroup boosted their price target on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Finally, Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Borr Drilling has a consensus rating of “Hold” and a consensus target price of $4.33.

Borr Drilling Company 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.