Borr Drilling (NYSE:BORR) Shares Gap Down - Time to Sell?

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)'s stock price gapped down before the market opened 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 changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. BTIG Research downgraded shares of Borr Drilling from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Fearnley Fonds downgraded shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $9.00.

Borr Drilling Price Performance

The stock has a market cap of $553.96 million, a P/E ratio of 11.17 and a beta of 1.89. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.91. The business's 50-day simple moving average is $2.11 and its two-hundred day simple moving average is $2.18.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.11 by $0.03. The firm had revenue of $267.70 million during the quarter, compared to the consensus estimate of $265.81 million. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%.

Institutional Trading of Borr Drilling

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its holdings in shares of Borr Drilling by 174.3% in the second quarter. Tower Research Capital LLC TRC now owns 31,102 shares of the company's stock worth $57,000 after purchasing an additional 19,765 shares during the last quarter. Oxford Asset Management LLP purchased a new stake in shares of Borr Drilling during the second quarter worth about $43,000. HRT Financial LP grew its stake in shares of Borr Drilling by 252.2% in the second quarter. HRT Financial LP now owns 887,379 shares of the company's stock worth $1,623,000 after purchasing an additional 635,435 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Borr Drilling by 36.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 30,908 shares of the company's stock valued at $57,000 after purchasing an additional 8,233 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Borr Drilling by 14.3% in the 2nd quarter. Bank of America Corp DE now owns 1,883,941 shares of the company's stock worth $3,448,000 after buying an additional 235,967 shares during the period. 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.