Borr Drilling (NYSE:BORR) Shares Up 5.3% - Here's What Happened

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s stock price shot up 5.3% on Wednesday . The stock traded as high as $2.29 and last traded at $2.31. 1,145,338 shares changed hands during trading, a decline of 72% from the average session volume of 4,138,962 shares. The stock had previously closed at $2.19.

Borr Drilling Stock Up 6.2%

The business's fifty day simple moving average is $1.86 and its 200 day simple moving average is $2.68. 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 stock has a market cap of $556.39 million, a price-to-earnings ratio of 12.18 and a beta of 1.84.

Borr Drilling (NYSE:BORR - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $217.50 million for the quarter, compared to the consensus estimate of $231.17 million. Borr Drilling had a net margin of 5.11% and a return on equity of 5.14%.

Hedge Funds Weigh In On Borr Drilling

A number of large investors have recently modified their holdings of the business. Summit Trail Advisors LLC bought a new position in Borr Drilling during the first quarter worth about $25,000. Oak Thistle LLC bought a new position in shares of Borr Drilling during the 1st quarter worth approximately $26,000. Abel Hall LLC bought a new stake in Borr Drilling in the 1st quarter valued at $29,000. Sterling Capital Management LLC lifted its holdings 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 purchasing an additional 6,775 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Borr Drilling during the 1st quarter valued at $30,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.

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