Borr Drilling (NYSE:BORR) Stock Price Down 5.7% – Here’s Why

Borr Drilling Limited (NYSE:BORR) shares were down 5.7% during mid-day trading on Tuesday . The stock traded as low as $3.72 and last traded at $3.7350. Approximately 3,298,351 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 5,350,038 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BORR shares. SEB Equity Research set a $2.40 price target on Borr Drilling in a report on Monday, September 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, October 8th. Wall Street Zen raised shares of Borr Drilling from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Citigroup restated a “neutral” rating and issued a $3.75 target price (up previously from $3.25) on shares of Borr Drilling in a research report on Friday, November 14th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.08.

Borr Drilling Trading Down 6.9%

The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.70. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 13.65 and a beta of 1.12. The firm has a 50 day moving average price of $3.21 and a two-hundred day moving average price of $2.68.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Borr Drilling had a net margin of 7.06% and a return on equity of 7.02%. The company had revenue of $277.10 million for the quarter, compared to analyst estimates of $261.44 million.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Oak Thistle LLC bought a new stake in shares of Borr Drilling during the 3rd quarter valued at about $29,000. State of Wyoming acquired a new position in Borr Drilling in the first quarter valued at approximately $30,000. Baader Bank Aktiengesellschaft bought a new position in shares of Borr Drilling during the 3rd quarter worth approximately $30,000. Jamison Private Wealth Management Inc. acquired a new stake in shares of Borr Drilling during the 3rd quarter worth approximately $31,000. Finally, R Squared Ltd bought a new stake in shares of Borr Drilling in the 2nd quarter valued at $35,000. 83.12% of the stock is owned by institutional investors.

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.