Borr Drilling (NYSE:BORR) Releases Earnings Results, Misses Estimates By $0.07 EPS

Borr Drilling (NYSE:BORR) announced its quarterly earnings results on Wednesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07), FiscalAI reports. The business had revenue of $247.00 million for the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

Borr Drilling Stock Up 0.5%

Borr Drilling stock opened at $6.19 on Thursday. The stock has a market cap of $1.95 billion, a PE ratio of 36.43 and a beta of 1.04. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19. Borr Drilling has a one year low of $1.55 and a one year high of $6.66. The stock has a fifty day moving average of $5.71 and a 200 day moving average of $4.82.

Institutional Trading of Borr Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. increased its position in Borr Drilling by 47.8% in the fourth quarter. Invesco Ltd. now owns 413,923 shares of the company’s stock worth $1,668,000 after buying an additional 133,869 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Borr Drilling in the fourth quarter worth about $49,000. CacheTech Inc. increased its position in Borr Drilling by 28.9% in the fourth quarter. CacheTech Inc. now owns 29,685 shares of the company’s stock worth $120,000 after buying an additional 6,655 shares in the last quarter. Empowered Funds LLC purchased a new stake in Borr Drilling in the fourth quarter worth about $2,664,000. Finally, Tudor Investment Corp ET AL increased its position in Borr Drilling by 34.1% in the fourth quarter. Tudor Investment Corp ET AL now owns 881,603 shares of the company’s stock worth $3,553,000 after buying an additional 224,192 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Analyst Upgrades and Downgrades

BORR has been the subject of a number of research reports. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Citigroup upped their price objective on Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Weiss Ratings cut Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Finally, Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $4.33.

Borr Drilling Company Profile

Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.

The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.