Borr Drilling (NYSE:BORR) Trading Up 8.5% - What's Next?

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.

Borr Drilling Limited (NYSE:BORR - Get Free Report) was up 8.5% during trading on Wednesday . The stock 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.

Analyst Upgrades and Downgrades

Several research analysts have commented on BORR shares. BTIG Research cut shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Fearnley Fonds cut shares of Borr Drilling from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th.

Borr Drilling Stock Up 8.9%

The firm's fifty day moving average price is $2.02 and its 200-day moving average price is $2.26. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a market capitalization of $558.21 million, a P/E ratio of 12.40 and a beta of 1.89.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.04). Borr Drilling had a net margin of 5.11% and a return on equity of 5.14%. The company had revenue of $217.50 million during the quarter, compared to the consensus estimate of $231.17 million.

Institutional Trading of Borr Drilling

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital International Investors lifted its stake in Borr Drilling by 0.5% during the fourth quarter. Capital International Investors now owns 18,780,294 shares of the company's stock valued at $73,243,000 after purchasing an additional 88,412 shares during the last quarter. FIL Ltd lifted its position in shares of Borr Drilling by 2.4% in the 4th quarter. FIL Ltd now owns 11,593,801 shares of the company's stock valued at $45,216,000 after acquiring an additional 267,791 shares in the last quarter. Millennium Management LLC lifted its position in shares of Borr Drilling by 1,025.5% in the 1st 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 in the last quarter. Capital International Inc. CA lifted its position in shares of Borr Drilling by 1.2% in the 4th quarter. Capital International Inc. CA now owns 3,321,788 shares of the company's stock valued at $12,955,000 after acquiring an additional 40,885 shares in the last quarter. Finally, Encompass Capital Advisors LLC purchased a new stake in shares of Borr Drilling in the 4th quarter valued at approximately $10,718,000. 83.12% of the stock is 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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