Borr Drilling (NYSE:BORR) Posts Earnings Results

Borr Drilling (NYSE:BORR – Get Rating) released its quarterly earnings results on Tuesday. The company reported ($0.03) earnings per share for the quarter, reports. Borr Drilling had a negative net margin of 46.63% and a negative return on equity of 13.91%. The business had revenue of $172.00 million during the quarter.

Borr Drilling Stock Down 5.0 %

BORR stock traded down $0.38 during trading on Thursday, reaching $7.20. The stock had a trading volume of 1,080,538 shares, compared to its average volume of 1,607,204. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.33. Borr Drilling has a one year low of $2.45 and a one year high of $8.13. The company’s 50 day moving average is $7.23 and its two-hundred day moving average is $6.14. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -4.88 and a beta of 3.27.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BORR shares. BTIG Research lifted their price objective on shares of Borr Drilling from $7.00 to $8.00 in a research note on Wednesday, January 25th. Evercore ISI boosted their target price on shares of Borr Drilling from $8.00 to $10.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 14th.

Institutional Investors Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of BORR. Jane Street Group LLC lifted its position in Borr Drilling by 126.2% during the 1st quarter. Jane Street Group LLC now owns 182,200 shares of the company’s stock valued at $1,392,000 after acquiring an additional 101,645 shares during the period. State Street Corp lifted its position in Borr Drilling by 8.7% during the 1st quarter. State Street Corp now owns 3,046,629 shares of the company’s stock valued at $23,093,000 after acquiring an additional 243,522 shares during the period. Geode Capital Management LLC lifted its position in Borr Drilling by 5.9% during the 1st quarter. Geode Capital Management LLC now owns 1,870,334 shares of the company’s stock valued at $14,177,000 after acquiring an additional 103,921 shares during the period. AQR Capital Management LLC lifted its position in Borr Drilling by 37.8% during the 1st quarter. AQR Capital Management LLC now owns 46,368 shares of the company’s stock valued at $351,000 after acquiring an additional 12,714 shares during the period. Finally, Portolan Capital Management LLC purchased a new position in Borr Drilling during the 1st quarter valued at about $4,637,000. 30.55% of the stock is owned by hedge funds and other institutional investors.

Borr Drilling Company Profile

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Borr Drilling Ltd. engages in the provision of offshore drilling services to the oil and gas industry. It operates through Dayrate; and Integrated Well Services (IWS) segments. The Dayrate segment consists of rig charters and ancillary services. The IWS segment provides integrated well services through Opex and Akal.