Borr Drilling (NYSE:BORR) Shares Gap Up - Here's Why

Key Points

• Borr Drilling's shares gapped up from $1.92 to $2.11 before closing at $2.18 with a trading volume of 711,709 shares.
• Recent analyst reports show a downgrade for Borr Drilling; BTIG Research lowered its rating from "buy" to "neutral" and Fearnley Fonds from "strong-buy" to "hold."
• Institutional investors hold 83.12% of Borr Drilling's stock, with notable increases from firms like Millennium Management and Renaissance Technologies.

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $1.92, but opened at $2.11. Borr Drilling shares last traded at $2.18, with a volume of 711,709 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BORR. Fearnley Fonds lowered Borr Drilling from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. BTIG Research lowered Borr Drilling from a "buy" rating to a "neutral" rating in a report on Monday, July 14th.

Borr Drilling Trading Down 3.5%

The company has a debt-to-equity ratio of 2.05, a current ratio of 1.25 and a quick ratio of 1.25. The company has a fifty day moving average of $2.05 and a 200-day moving average of $2.23. The firm has a market capitalization of $514.98 million, a PE ratio of 11.47 and a beta of 1.89.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported ($0.07) earnings per share 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 company had revenue of $217.50 million for the quarter, compared to the consensus estimate of $231.17 million.

Hedge Funds Weigh In On Borr Drilling

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in Borr Drilling by 169.1% during the fourth quarter. Bank of America Corp DE now owns 486,808 shares of the company's stock valued at $1,899,000 after buying an additional 305,935 shares in the last quarter. FIL Ltd raised its holdings in Borr Drilling by 2.4% during the fourth quarter. FIL Ltd now owns 11,593,801 shares of the company's stock valued at $45,216,000 after buying an additional 267,791 shares in the last quarter. Optiver Holding B.V. bought a new position in Borr Drilling during the fourth quarter valued at about $748,000. Millennium Management LLC bought a new position in Borr Drilling during the fourth quarter valued at about $1,320,000. Finally, Capricorn Fund Managers Ltd bought a new position in shares of Borr Drilling in the first quarter worth about $241,000. 83.12% of the stock is currently owned by 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.