Borr Drilling (NYSE:BORR) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Borr Drilling reported a quarterly EPS of $0.14, exceeding the consensus estimate of $0.11, with revenues of $267.7 million against expectations of $265.81 million.
• Shares of Borr Drilling have been subject to rating downgrades, with changes from "strong-buy" to "hold" and "buy" to "neutral" by different analysts.
• Institutional investors hold a significant stake in Borr Drilling, with over 83% of the company's stock owned by such investors and hedge funds.

Borr Drilling (NYSE:BORR - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.03, Zacks reports. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%. The company had revenue of $267.70 million for the quarter, compared to the consensus estimate of $265.81 million.

Borr Drilling Price Performance

Shares of BORR stock traded down $0.0650 on Tuesday, hitting $2.3250. 2,023,420 shares of the stock traded hands, compared to its average volume of 5,625,108. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.28 and a quick ratio of 1.28. Borr Drilling has a 52 week low of $1.55 and a 52 week high of $6.65. The firm has a 50 day simple moving average of $2.11 and a two-hundred day simple moving average of $2.18. The firm has a market cap of $549.23 million, a price-to-earnings ratio of 11.07 and a beta of 1.89.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Borr Drilling by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company's stock valued at $309,000 after acquiring an additional 6,012 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Borr Drilling by 36.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 30,908 shares of the company's stock valued at $57,000 after purchasing an additional 8,233 shares during the period. Prudential Financial Inc. lifted its holdings in Borr Drilling by 70.2% in the 2nd quarter. Prudential Financial Inc. now owns 27,765 shares of the company's stock worth $51,000 after purchasing an additional 11,450 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Borr Drilling by 174.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 31,102 shares of the company's stock worth $57,000 after purchasing an additional 19,765 shares in the last quarter. Finally, Oxford Asset Management LLP bought a new position in Borr Drilling in the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 83.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BORR. Fearnley Fonds lowered shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. BTIG Research cut Borr Drilling from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $9.00.

Borr Drilling Company Profile

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.