Borr Drilling (NYSE:BORR) Downgraded to Hold Rating by Fearnley Fonds

Key Points

• Borr Drilling has been downgraded from a "strong-buy" to a "hold" rating by Fearnley Fonds, signaling a shift in investment outlook.
• BTIG Research also lowered its rating for Borr Drilling from "buy" to "neutral," reflecting concern over the company's performance.
• The company reported a loss of $0.07 EPS for the latest quarter, missing expectations, with revenue at $217.50 million, below analyst expectations of $231.17 million.

Borr Drilling (NYSE:BORR - Get Free Report) was downgraded by analysts at Fearnley Fonds from a "strong-buy" rating to a "hold" rating in a report released on Wednesday, July 30th,Zacks.com reports.

Separately, BTIG Research lowered shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th.

Borr Drilling Stock Performance

NYSE BORR traded up $0.19 during trading hours on Wednesday, hitting $2.36. 9,073,055 shares of the company's stock traded hands, compared to its average volume of 5,606,670. The business's fifty day moving average price is $2.02 and its two-hundred day moving average price is $2.26. The firm has a market capitalization of $556.32 million, a P/E ratio of 12.40 and a beta of 1.89. Borr Drilling has a 52 week low of $1.55 and a 52 week high of $6.82. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.05.

Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.04). Borr Drilling had a return on equity of 5.14% and a net margin of 5.11%. The company had revenue of $217.50 million during the quarter, compared to analysts' expectations of $231.17 million.

Institutional Trading of Borr Drilling

A number of institutional investors and hedge funds have recently bought and sold shares of BORR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Borr Drilling by 4.5% in 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 period. Private Advisor Group LLC boosted its stake in Borr Drilling by 24.9% during the first quarter. Private Advisor Group LLC now owns 31,062 shares of the company's stock worth $68,000 after buying an additional 6,200 shares during the period. Sterling Capital Management LLC increased its position in Borr Drilling by 828.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company's stock valued at $30,000 after acquiring an additional 6,775 shares during the last quarter. MetLife Investment Management LLC increased its position in Borr Drilling by 6.3% during the fourth quarter. MetLife Investment Management LLC now owns 146,500 shares of the company's stock valued at $571,000 after acquiring an additional 8,698 shares during the last quarter. Finally, Summit Trail Advisors LLC purchased a new stake in shares of Borr Drilling in the first quarter valued at $25,000. 83.12% of the stock is currently owned by institutional investors.

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.