Jeffrey Currie Purchases 125,000 Shares of Borr Drilling (NYSE:BORR) Stock

Borr Drilling Limited (NYSE:BORR) Director Jeffrey Currie purchased 125,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were acquired at an average price of $4.01 per share, for a total transaction of $501,250.00. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Borr Drilling Trading Up 8.8%

Shares of BORR stock opened at $4.40 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -5.64 and a beta of 1.02. Borr Drilling Limited has a 1 year low of $2.28 and a 1 year high of $6.66. The firm has a fifty day moving average price of $4.26 and a 200-day moving average price of $5.11.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative net margin of 23.98% and a negative return on equity of 5.67%. The company had revenue of $232.30 million for the quarter, compared to the consensus estimate of $245.96 million. As a group, equities analysts predict that Borr Drilling Limited will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BORR. Zacks Research upgraded Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Capital One Financial set a $6.00 price objective on shares of Borr Drilling and gave the company an “overweight” rating in a 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 report on Saturday, August 8th. Finally, Weiss Ratings lowered shares of Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday. Two equities research 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC purchased a new position in shares of Borr Drilling in the first quarter valued at $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Borr Drilling by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock valued at $309,000 after buying an additional 6,012 shares in the last quarter. Millennium Management LLC raised its position in shares of Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after buying an additional 3,471,979 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Borr Drilling in the 1st quarter valued at about $186,000. Finally, Creative Planning lifted its holdings in shares of Borr Drilling by 13.1% in the 2nd quarter. Creative Planning now owns 229,786 shares of the company’s stock valued at $421,000 after acquiring an additional 26,541 shares during the last quarter. 83.12% of the stock is currently owned by institutional investors.

About Borr Drilling

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.