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

Key Points

• Borr Drilling's stock price gapped up from $3.04 to $3.26 but last traded at $3.13, with a trading volume of over 1.1 million shares.
• Equities analysts have mostly rated Borr Drilling as a Hold, with an average price target of $2.83, while Citigroup set a new target price of $3.25.
• The company reported $0.14 earnings per share for the last quarter, exceeding the consensus estimate of $0.11, and generated revenue of $267.70 million.

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 $3.04, but opened at $3.26. Borr Drilling shares last traded at $3.13, with a volume of 1,138,797 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on BORR shares. Fearnley Fonds lowered shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Citigroup started coverage on shares of Borr Drilling in a research note on Thursday, September 11th. They issued a "neutral" rating and a $3.25 price objective on the stock. SEB Equity Research set a $2.40 price objective on shares of Borr Drilling in a research note on Monday, September 1st. Finally, BTIG Research lowered shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Borr Drilling has an average rating of "Hold" and an average price target of $2.83.

Borr Drilling Trading Down 4.9%

The business's 50-day moving average price is $2.50 and its two-hundred day moving average price is $2.17. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market cap of $694.52 million, a price-to-earnings ratio of 14.00 and a beta of 1.99.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.03. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%. The business had revenue of $267.70 million during the quarter, compared to analyst estimates of $265.81 million.

Institutional Investors Weigh In On Borr Drilling

Several large investors have recently made changes to their positions in the business. Millennium Management LLC increased its position in shares of Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock worth $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. Tejara Capital Ltd increased its position in shares of Borr Drilling by 4.2% in the first quarter. Tejara Capital Ltd now owns 2,293,558 shares of the company's stock worth $5,023,000 after acquiring an additional 91,969 shares in the last quarter. Bank of America Corp DE increased its position in shares of Borr Drilling by 14.3% in the second quarter. Bank of America Corp DE now owns 1,883,941 shares of the company's stock worth $3,448,000 after acquiring an additional 235,967 shares in the last quarter. De Lisle Partners LLP increased its position in shares of Borr Drilling by 1.7% in the first quarter. De Lisle Partners LLP now owns 1,801,424 shares of the company's stock worth $3,954,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC increased its position in shares of Borr Drilling by 2.2% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,056,112 shares of the company's stock worth $2,556,000 after acquiring an additional 22,795 shares in the last quarter. Institutional investors and hedge funds 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.