Borr Drilling (NYSE:BORR) Shares Gap Down - Here's What Happened

Key Points

• Borr Drilling's shares gapped down from a previous close of $2.61 to open at $2.39, with the last trade at $2.50 and a volume of 1,866,087 shares.
• Research reports have downgraded Borr Drilling, with BTIG Research changing its rating from "buy" to "neutral" and Fearnley Fonds moving from "strong-buy" to "hold."
• The company reported better-than-expected quarterly earnings with $0.14 EPS, exceeding analysts' consensus estimate of $0.11, and had a revenue of $267.70 million for the quarter.

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $2.61, but opened at $2.39. Borr Drilling shares last traded at $2.50, with a volume of 1,866,087 shares trading hands.

Analyst Upgrades and Downgrades

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

Borr Drilling Stock Performance

The company has a market cap of $596.48 million, a P/E ratio of 13.29 and a beta of 1.89. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.05. The company's fifty day moving average is $2.08 and its 200 day moving average is $2.22.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.03. Borr Drilling had a net margin of 5.11% and a return on equity of 5.14%. The business had revenue of $267.70 million for the quarter, compared to analyst estimates of $265.81 million.

Institutional Investors Weigh In On Borr Drilling

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in Borr Drilling by 10.4% during the 4th quarter. JPMorgan Chase & Co. now owns 477,715 shares of the company's stock valued at $1,863,000 after acquiring an additional 44,822 shares during the period. Wells Fargo & Company MN lifted its position in Borr Drilling by 70.0% during the 4th quarter. Wells Fargo & Company MN now owns 187,790 shares of the company's stock valued at $732,000 after acquiring an additional 77,344 shares during the period. Renaissance Technologies LLC lifted its position in Borr Drilling by 5,369.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,509,600 shares of the company's stock valued at $5,887,000 after acquiring an additional 1,482,000 shares during the period. LSV Asset Management purchased a new position in Borr Drilling during the 4th quarter valued at about $128,000. Finally, Sterling Capital Management LLC lifted its position in Borr Drilling by 828.2% during the 4th 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 period. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.