Borr Drilling (NYSE:BORR) Rating Lowered to "Hold" at 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 equities researchers at Fearnley Fonds from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

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

Borr Drilling Stock Performance

Shares of BORR opened at $1.89 on Wednesday. The business's fifty day simple moving average is $2.01 and its two-hundred day simple moving average is $2.29. 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 has a 12 month low of $1.55 and a 12 month high of $6.82. The company has a market cap of $445.29 million, a price-to-earnings ratio of 9.92 and a beta of 1.89.

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

Institutional Investors Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors boosted its holdings in Borr Drilling by 0.5% in the fourth quarter. Capital International Investors now owns 18,780,294 shares of the company's stock worth $73,243,000 after purchasing an additional 88,412 shares during the last quarter. FIL Ltd boosted its holdings in Borr Drilling by 2.4% in the fourth quarter. FIL Ltd now owns 11,593,801 shares of the company's stock worth $45,216,000 after purchasing an additional 267,791 shares during the last quarter. Millennium Management LLC raised its position in Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock worth $8,345,000 after acquiring an additional 3,471,979 shares during the period. Capital International Inc. CA raised its position in Borr Drilling by 1.2% in the fourth quarter. Capital International Inc. CA now owns 3,321,788 shares of the company's stock worth $12,955,000 after acquiring an additional 40,885 shares during the period. Finally, Encompass Capital Advisors LLC bought a new position in Borr Drilling in the fourth quarter worth approximately $10,718,000. Hedge funds and other institutional investors own 83.12% of the company's stock.

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.

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