Borr Drilling (NYSE:BORR) Stock Price Down 4.3% - Here's What Happened

Key Points

• Borr Drilling's stock price fell 4.3% to $2.81, significantly lower than its previous close of $2.93, with trading volumes down 88% from average levels.
• Several analysts have dropped their ratings for Borr Drilling, with Fearnley Fonds reducing its rating from "strong-buy" to "hold" and Citigroup assigning a "neutral" rating with a price target of $3.25.
• Borr Drilling recently reported quarterly earnings of $0.14 per share, surpassing analyst expectations, and generated revenue of $267.70 million, which also beat forecasts.

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s stock price traded down 4.3% on Monday . The stock traded as low as $2.78 and last traded at $2.81. 634,831 shares were traded during mid-day trading, a decline of 88% from the average session volume of 5,440,759 shares. The stock had previously closed at $2.93.

Wall Street Analysts Forecast Growth

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

Borr Drilling Trading Down 6.3%

The firm has a market capitalization of $648.22 million, a price-to-earnings ratio of 13.02 and a beta of 1.98. The business's 50-day simple moving average is $2.61 and its two-hundred day simple moving average is $2.19. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings results 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 analysts' expectations of $265.81 million.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of Borr Drilling by 1,025.5% during the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company's stock valued at $8,345,000 after acquiring an additional 3,471,979 shares during the last quarter. Tejara Capital Ltd lifted its holdings in Borr Drilling by 4.2% during the 1st quarter. Tejara Capital Ltd now owns 2,293,558 shares of the company's stock worth $5,023,000 after buying an additional 91,969 shares in the last quarter. Bank of America Corp DE boosted its position 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 valued at $3,448,000 after buying an additional 235,967 shares during the period. De Lisle Partners LLP grew its stake 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 grew its stake 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. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.

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