Borr Drilling (NYSE:BORR) Stock Price Down 4.3% – What’s Next?
by Sarita Garza · The Markets DailyBorr Drilling Limited (NYSE:BORR – Get Free Report)’s stock price fell 4.3% on Tuesday . The company traded as low as $4.74 and last traded at $4.6680. 1,015,189 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 7,611,746 shares. The stock had previously closed at $4.88.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on BORR. 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 lowered shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Finally, Citigroup boosted their target price on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.33.
View Our Latest Stock Report on Borr Drilling
Borr Drilling Trading Down 5.8%
The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82. The firm’s 50 day simple moving average is $5.71 and its 200-day simple moving average is $5.00. The company has a market capitalization of $1.45 billion, a PE ratio of 30.63 and a beta of 0.96.
Borr Drilling (NYSE:BORR – Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $247.00 million for the quarter, compared to analysts’ expectations of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Optiver Holding B.V. boosted its stake in shares of Borr Drilling by 186.4% in the first quarter. Optiver Holding B.V. now owns 5,060 shares of the company’s stock valued at $29,000 after purchasing an additional 3,293 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Borr Drilling by 2,435.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after purchasing an additional 8,133 shares during the period. Inspire Advisors LLC acquired a new stake in Borr Drilling in the fourth quarter valued at $44,000. Baader Bank Aktiengesellschaft acquired a new stake in Borr Drilling in the third quarter valued at $30,000. Finally, Cetera Investment Advisers acquired a new stake in Borr Drilling in the first quarter valued at $66,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.
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.