Borr Drilling (NYSE:BORR) Issues Quarterly Earnings Results, Misses Expectations By $0.07 EPS

by · The Cerbat Gem

Borr Drilling (NYSE:BORR – Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07), FiscalAI reports. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.The firm had revenue of $247.00 million during the quarter, compared to analysts’ expectations of $253.35 million.

Borr Drilling Trading Up 0.5%

Borr Drilling stock opened at $6.19 on Thursday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The business’s fifty day simple moving average is $5.71 and its two-hundred day simple moving average is $4.82. Borr Drilling has a 12 month low of $1.55 and a 12 month high of $6.66. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 36.43 and a beta of 1.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BORR. Caitong International Asset Management Co. Ltd lifted its holdings in shares of 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 purchasing an additional 9,477 shares in the last quarter. Oxford Asset Management LLP bought a new position in shares of Borr Drilling during the second quarter valued at $43,000. Abel Hall LLC bought a new position in shares of Borr Drilling during the third quarter valued at $43,000. Inspire Advisors LLC bought a new position in shares of Borr Drilling during the fourth quarter valued at $44,000. Finally, Focus Partners Wealth bought a new position in shares of Borr Drilling during the third quarter valued at $45,000. 83.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Weiss Ratings downgraded Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Citigroup boosted their target price on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Wall Street Zen downgraded Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Finally, Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Borr Drilling presently has a consensus rating of “Hold” and a consensus target price of $4.33.

View Our Latest Stock Analysis on Borr Drilling

Borr Drilling Company Profile

(Get Free Report)

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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