Borr Drilling (NYSE:BORR – Get Free Report) issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.
Borr Drilling Stock Down 15.4%
Shares of Borr Drilling stock opened at $5.23 on Thursday. The stock’s fifty day moving average is $5.71 and its 200-day moving average is $4.82. The firm has a market capitalization of $1.65 billion, a PE ratio of 30.64 and a beta of 1.04. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. Borr Drilling has a 12-month low of $1.55 and a 12-month high of $6.66.
Wall Street Analyst Weigh In
BORR has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Finally, Citigroup lifted their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Borr Drilling presently has a consensus rating of “Hold” and an average target price of $4.33.
Hedge Funds Weigh In On Borr Drilling
A number of institutional investors have recently bought and sold shares of BORR. Caitong International Asset Management Co. Ltd lifted its stake in Borr Drilling by 2,837.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 9,811 shares of the company’s stock valued at $40,000 after buying an additional 9,477 shares in the last quarter. Oxford Asset Management LLP purchased a new position in shares of Borr Drilling in the second quarter worth approximately $43,000. Abel Hall LLC acquired a new stake in shares of Borr Drilling during the third quarter valued at approximately $43,000. Inspire Advisors LLC acquired a new stake in shares of Borr Drilling during the fourth quarter valued at approximately $44,000. Finally, Focus Partners Wealth purchased a new stake in shares of Borr Drilling in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.
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.
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