Borr Drilling (NYSE:BORR) Trading Up 7.4% on Earnings Beat

Key Points

• Borr Drilling's stock price rose 7.4% to $2.55 during mid-day trading, despite a decrease in trading volume by 61% compared to its average.
• Recent analyst reports have downgraded Borr Drilling, with Fearnley Fonds changing its rating from "strong-buy" to "hold" and BTIG Research downgrading it from "buy" to "neutral."
• Institutional investors hold 83.12% of Borr Drilling's stock, with several hedge funds recently initiating new positions or increasing their stakes.

Borr Drilling Limited (NYSE:BORR - Get Free Report) traded up 7.4% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $2.52 and last traded at $2.55. 2,163,369 shares were traded during mid-day trading, a decline of 61% from the average session volume of 5,565,145 shares. The stock had previously closed at $2.37.

The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.03. The firm had revenue of $267.70 million for the quarter, compared to the consensus estimate of $265.81 million. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BORR shares. Fearnley Fonds downgraded Borr Drilling from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. BTIG Research downgraded Borr Drilling from a "buy" rating to a "neutral" rating in a report on Monday, July 14th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sterling Capital Management LLC raised its stake in shares of Borr Drilling by 828.2% during the 4th quarter. Sterling Capital Management LLC now owns 7,593 shares of the company's stock worth $30,000 after purchasing an additional 6,775 shares during the period. Summit Trail Advisors LLC bought a new stake in shares of Borr Drilling in the 1st quarter worth approximately $25,000. Oak Thistle LLC purchased a new position in Borr Drilling in the first quarter valued at approximately $26,000. Abel Hall LLC bought a new position in Borr Drilling during the first quarter valued at $29,000. Finally, State of Wyoming purchased a new stake in Borr Drilling in the first quarter worth $30,000. Hedge funds and other institutional investors own 83.12% of the company's stock.

Borr Drilling Stock Up 3.5%

The firm has a market capitalization of $564.59 million, a PE ratio of 11.38 and a beta of 1.89. The stock has a 50-day simple moving average of $2.11 and a 200-day simple moving average of $2.18. 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 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.