Borr Drilling (NYSE:BORR) Announces Quarterly Earnings Results

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) released its earnings results on Wednesday. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.11 by $0.03, Zacks reports. The firm had revenue of $267.70 million for the quarter, compared to analysts' expectations of $265.81 million. Borr Drilling had a net margin of 5.48% and a return on equity of 5.50%.

Borr Drilling Stock Performance

Shares of NYSE:BORR traded down $0.18 during trading on Thursday, reaching $2.43. The stock had a trading volume of 8,025,748 shares, compared to its average volume of 5,006,433. Borr Drilling has a 52 week low of $1.55 and a 52 week high of $6.82. The stock has a fifty day simple moving average of $2.10 and a two-hundred day simple moving average of $2.21. The firm has a market capitalization of $573.09 million, a price-to-earnings ratio of 11.55 and a beta of 1.89. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 2.05.

Analyst Upgrades and Downgrades

BORR has been the subject of several research reports. Fearnley Fonds cut shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. BTIG Research cut shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors have recently bought and sold shares of BORR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $309,000 after purchasing an additional 6,012 shares during the last quarter. Prudential Financial Inc. increased its stake in Borr Drilling by 70.2% during 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. Rhumbline Advisers increased its stake in Borr Drilling by 7.3% during the 2nd quarter. Rhumbline Advisers now owns 368,777 shares of the company's stock worth $675,000 after purchasing an additional 25,219 shares in the last quarter. Creative Planning boosted its position in Borr Drilling by 13.1% during the 2nd quarter. Creative Planning now owns 229,786 shares of the company's stock worth $421,000 after acquiring an additional 26,541 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Borr Drilling by 213.9% during the 2nd quarter. Sei Investments Co. now owns 48,238 shares of the company's stock worth $88,000 after acquiring an additional 32,871 shares during the last quarter. Institutional investors and hedge funds own 83.12% of the company's stock.

About Borr Drilling

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.

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