Borr Drilling (NYSE:BORR) Issues Quarterly Earnings Results

Borr Drilling (NYSE:BORR) issued its earnings results on Wednesday. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02, Zacks reports. Borr Drilling had a net margin of 7.06% and a return on equity of 7.28%. The firm had revenue of $277.10 million during the quarter, compared to analyst estimates of $261.44 million.

Borr Drilling Price Performance

Shares of NYSE BORR traded down $0.10 during mid-day trading on Friday, reaching $3.12. 3,326,451 shares of the company were exchanged, compared to its average volume of 5,349,635. Borr Drilling has a 52 week low of $1.55 and a 52 week high of $4.23. The company’s 50 day moving average price is $2.91 and its 200 day moving average price is $2.34. The stock has a market capitalization of $735.86 million, a PE ratio of 11.54 and a beta of 1.75. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.91.

Hedge Funds Weigh In On Borr Drilling

A number of large investors have recently modified their holdings of BORR. HRT Financial LP raised its stake in shares of Borr Drilling by 252.2% in the second quarter. HRT Financial LP now owns 887,379 shares of the company’s stock worth $1,623,000 after buying an additional 635,435 shares during the period. Bank of America Corp DE boosted its position in shares of Borr Drilling by 14.3% during the second quarter. Bank of America Corp DE now owns 1,883,941 shares of the company’s stock worth $3,448,000 after acquiring an additional 235,967 shares during the last quarter. Rhumbline Advisers grew its position in shares of Borr Drilling by 7.3% during the second quarter. Rhumbline Advisers now owns 368,777 shares of the company’s stock valued at $675,000 after purchasing an additional 25,219 shares in the last quarter. Creative Planning grew its holdings in Borr Drilling by 13.1% during the 2nd quarter. Creative Planning now owns 229,786 shares of the company’s stock valued at $421,000 after buying an additional 26,541 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Borr Drilling in the first quarter worth about $186,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, October 8th. Fearnley Fonds cut Borr Drilling from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. BTIG Research downgraded Borr Drilling from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Wall Street Zen upgraded Borr Drilling from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, SEB Equity Research set a $2.40 price target on shares of Borr Drilling in a report on Monday, September 1st. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Borr Drilling currently has an average rating of “Hold” and an average target price of $2.83.

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.