Thiago Mordehachvili Sells 8,000,000 Shares of Borr Drilling (NYSE:BORR) Stock

Borr Drilling Limited (NYSE:BORR) Director Thiago Mordehachvili sold 8,000,000 shares of Borr Drilling stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the sale, the director directly owned 38,199,677 shares of the company’s stock, valued at approximately $179,538,481.90. This trade represents a 17.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Borr Drilling Price Performance

Borr Drilling stock opened at $4.65 on Friday. The stock has a market cap of $1.47 billion, a P/E ratio of 30.97 and a beta of 0.96. The company has a fifty day simple moving average of $5.63 and a 200-day simple moving average of $5.03. Borr Drilling Limited has a 12-month low of $1.79 and a 12-month high of $6.66. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.82.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $247.00 million for the quarter, compared to analysts’ expectations of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.

Institutional Investors Weigh In On Borr Drilling

Several large investors have recently modified their holdings of the company. California State Teachers Retirement System grew its stake in shares of Borr Drilling by 18.2% in the 4th quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after purchasing an additional 2,529 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Borr Drilling by 9.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,278 shares of the company’s stock worth $121,000 after acquiring an additional 2,560 shares during the period. Abel Hall LLC increased its stake in shares of Borr Drilling by 11.3% during the first quarter. Abel Hall LLC now owns 25,262 shares of the company’s stock worth $146,000 after acquiring an additional 2,566 shares during the period. SG Americas Securities LLC increased its stake in shares of Borr Drilling by 7.8% during the first quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock worth $235,000 after acquiring an additional 2,963 shares during the period. Finally, Mariner LLC increased its stake in shares of Borr Drilling by 13.1% during the fourth quarter. Mariner LLC now owns 26,623 shares of the company’s stock worth $107,000 after acquiring an additional 3,094 shares during the period. 83.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BORR has been the subject of several recent analyst reports. Wall Street Zen cut shares of Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. 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. Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Finally, Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.