Borr Drilling (NYSE:BORR) Shares Gap Down After Earnings Miss

Borr Drilling Limited (NYSE:BORR)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.18, but opened at $5.76. Borr Drilling shares last traded at $5.2040, with a volume of 7,574,452 shares changing hands.

The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $247.00 million during the quarter, compared to analyst estimates of $253.35 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Borr Drilling

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Glenorchy Capital Ltd acquired a new stake in Borr Drilling in the 4th quarter valued at about $2,484,000. Jennison Associates LLC acquired a new position in shares of Borr Drilling in the 4th quarter worth approximately $856,000. DNB Asset Management AS raised its holdings in shares of Borr Drilling by 22,394.8% in the 3rd quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock worth $10,424,000 after purchasing an additional 3,857,948 shares in the last quarter. Tudor Investment Corp ET AL lifted its stake in Borr Drilling by 77.7% during the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock valued at $1,768,000 after purchasing an additional 287,428 shares during the last quarter. Finally, TT International Asset Management LTD acquired a new stake in Borr Drilling during the fourth quarter valued at approximately $1,024,000. 83.12% of the stock is owned by institutional investors.

Borr Drilling Stock Down 14.6%

The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 2.19. The stock has a market capitalization of $1.67 billion, a P/E ratio of 31.06 and a beta of 1.04. The stock’s fifty day moving average is $5.71 and its two-hundred day moving average is $4.82.

About Borr Drilling

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.