Borr Drilling (NYSE:BORR) Trading 5.3% Higher – Here’s Why

Borr Drilling Limited (NYSE:BORR)’s share price rose 5.3% on Wednesday . The stock traded as high as $2.29 and last traded at $2.31. Approximately 1,145,338 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 4,138,962 shares. The stock had previously closed at $2.19.

Borr Drilling Stock Up 2.5%

The firm has a 50-day moving average of $1.87 and a two-hundred day moving average of $2.66. The company has a market capitalization of $537.25 million, a PE ratio of 11.82 and a beta of 1.84. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 2.05.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, May 21st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $231.17 million.

Institutional Trading of Borr Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of BORR. SBI Securities Co. Ltd. acquired a new stake in shares of Borr Drilling during the fourth quarter worth about $59,000. HighTower Advisors LLC acquired a new stake in shares of Borr Drilling during the fourth quarter worth about $920,000. Cibc World Markets Corp acquired a new stake in shares of Borr Drilling during the fourth quarter worth about $87,000. Signaturefd LLC increased its position in shares of Borr Drilling by 320.0% during the fourth quarter. Signaturefd LLC now owns 38,066 shares of the company’s stock worth $148,000 after purchasing an additional 29,003 shares in the last quarter. Finally, Tejara Capital Ltd increased its position in shares of Borr Drilling by 46.8% during the fourth quarter. Tejara Capital Ltd now owns 2,201,589 shares of the company’s stock worth $8,418,000 after purchasing an additional 701,478 shares in the last quarter. 83.12% of the stock is currently 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.