Borr Drilling (NYSE:BORR) Shares Gap Up - Time to Buy?

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.

Shares of Borr Drilling Limited (NYSE:BORR - Get Free Report) gapped up prior to trading 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.

Wall Street Analyst Weigh In

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

Borr Drilling Price Performance

The firm has a market cap of $490.18 million, a PE ratio of 10.97 and a beta of 1.89. The firm has a fifty day simple moving average of $2.01 and a two-hundred day simple moving average of $2.26. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.25 and a current ratio of 1.25.

Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.04). The business 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 5.14% and a net margin of 5.11%.

Institutional Investors Weigh In On Borr Drilling

Several institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its holdings in shares of Borr Drilling by 1,025.5% in the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock valued at $8,345,000 after buying an additional 3,471,979 shares during the period. Encompass Capital Advisors LLC purchased a new stake in shares of Borr Drilling in the fourth quarter valued at approximately $10,718,000. Jane Street Group LLC grew its position in shares of Borr Drilling by 842.5% in the fourth quarter. Jane Street Group LLC now owns 1,949,508 shares of the company's stock valued at $7,603,000 after purchasing an additional 1,742,670 shares in the last quarter. Linden Advisors LP purchased a new stake in shares of Borr Drilling in the fourth quarter valued at approximately $6,321,000. Finally, Renaissance Technologies LLC grew its position in shares of Borr Drilling by 5,369.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,509,600 shares of the company's stock valued at $5,887,000 after purchasing an additional 1,482,000 shares in the last quarter. Institutional investors and hedge funds own 83.12% of the company's stock.

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.