Borr Drilling (NYSE:BORR) Shares Down 2.9% - Here's Why

Shares of Borr Drilling Limited (NYSE:BORR - Get Free Report) fell 2.9% during trading on Wednesday . The company traded as low as $2.16 and last traded at $2.17. 992,385 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,027,904 shares. The stock had previously closed at $2.23.

Borr Drilling Price Performance

The stock has a 50-day simple moving average of $1.86 and a 200 day simple moving average of $2.70. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41. The company has a market cap of $539.64 million, a P/E ratio of 7.05 and a beta of 1.84.

Borr Drilling (NYSE:BORR - Get Free Report) last posted 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). The company had revenue of $217.50 million for the quarter, compared to the consensus estimate of $231.17 million. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%.

Institutional Investors Weigh In On Borr Drilling

Several hedge funds and other institutional investors have recently made changes to their positions in BORR. X Square Capital LLC boosted its position in shares of Borr Drilling by 3.2% in the 4th quarter. X Square Capital LLC now owns 183,434 shares of the company's stock worth $715,000 after purchasing an additional 5,707 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Borr Drilling by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company's stock worth $309,000 after acquiring an additional 6,012 shares in the last quarter. Private Advisor Group LLC lifted its holdings 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 acquiring an additional 6,200 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Borr Drilling by 828.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company's stock worth $30,000 after acquiring an additional 6,775 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Borr Drilling by 6.3% during the fourth quarter. MetLife Investment Management LLC now owns 146,500 shares of the company's stock worth $571,000 after acquiring an additional 8,698 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

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.