Borr Drilling (NYSE:BORR) Shares Up 8.5% - Here's What Happened

Key Points

• Borr Drilling's stock rose by 8.5% on Wednesday, trading between $2.33 and $2.35, despite a 77% decline in trading volume compared to its average.
• Analysts have recently downgraded Borr Drilling's rating, with BTIG Research moving from a "buy" to a "neutral" rating, while Fearnley Fonds shifted from "strong-buy" to "hold."
• The company reported a net margin of 5.11% and earnings per share of ($0.07), falling short of analyst expectations of ($0.03) for the last quarter.

Shares of Borr Drilling Limited (NYSE:BORR - Get Free Report) rose 8.5% during trading on Wednesday . The company traded as high as $2.33 and last traded at $2.35. Approximately 1,264,413 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 5,551,289 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

BORR has been the subject of a number of analyst reports. BTIG Research lowered shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Fearnley Fonds lowered shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th.

Borr Drilling Trading Down 3.5%

The firm has a market capitalization of $514.98 million, a P/E ratio of 11.47 and a beta of 1.89. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 2.05. The firm's 50-day simple moving average is $2.05 and its 200-day simple moving average is $2.22.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported ($0.07) EPS 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 analysts' expectations of $231.17 million. Borr Drilling had a return on equity of 5.14% and a net margin of 5.11%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Creative Planning increased its stake in shares of Borr Drilling by 13.1% in the second quarter. Creative Planning now owns 229,786 shares of the company's stock worth $421,000 after buying an additional 26,541 shares during the period. Monaco Asset Management SAM increased its position in Borr Drilling by 2,400.0% during the 2nd quarter. Monaco Asset Management SAM now owns 375,000 shares of the company's stock valued at $686,000 after purchasing an additional 360,000 shares during the period. Los Angeles Capital Management LLC purchased a new position in Borr Drilling during the 2nd quarter valued at $132,000. R Squared Ltd purchased a new position in Borr Drilling during the 2nd quarter valued at $35,000. Finally, Callan Family Office LLC purchased a new position in Borr Drilling during the 2nd quarter valued at $35,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.