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

Borr Drilling (NYSE:BORR) released its quarterly earnings data on Wednesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07), FiscalAI reports. The business had revenue of $247.00 million during the quarter, compared to analyst estimates 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 7.9%

BORR opened at $5.69 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 2.19. The company has a market capitalization of $1.80 billion, a PE ratio of 33.49 and a beta of 1.04. Borr Drilling has a fifty-two week low of $1.55 and a fifty-two week high of $6.66. The business has a 50-day moving average of $5.71 and a 200-day moving average of $4.82.

Analyst Upgrades and Downgrades

Several research analysts have commented on BORR shares. Wall Street Zen lowered Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Weiss Ratings downgraded shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. Finally, Citigroup lifted their price target 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Borr Drilling presently has a consensus rating of “Hold” and an average target price of $4.33.

Institutional Investors Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. increased its position in Borr Drilling by 47.8% during the fourth quarter. Invesco Ltd. now owns 413,923 shares of the company’s stock worth $1,668,000 after buying an additional 133,869 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Borr Drilling during the 4th quarter valued at about $49,000. CacheTech Inc. raised its stake in shares of Borr Drilling by 28.9% in the 4th quarter. CacheTech Inc. now owns 29,685 shares of the company’s stock valued at $120,000 after acquiring an additional 6,655 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Borr Drilling in the 4th quarter valued at approximately $2,664,000. Finally, Tudor Investment Corp ET AL lifted its holdings in Borr Drilling by 34.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 881,603 shares of the company’s stock worth $3,553,000 after purchasing an additional 224,192 shares during the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Company Profile

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.