Borr Drilling (NYSE:BORR) Stock Price Down 4.3% – What’s Next?

Borr Drilling Limited (NYSE:BORR) shares dropped 4.3% during mid-day trading on Tuesday . The stock traded as low as $4.74 and last traded at $4.6680. Approximately 1,015,189 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 7,611,746 shares. The stock had previously closed at $4.88.

Wall Street Analysts Forecast Growth

BORR has been the topic of several recent analyst reports. Citigroup upped 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. Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Fearnley Fonds raised shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Borr Drilling from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.33.

Borr Drilling Stock Down 5.8%

The firm’s 50-day moving average price is $5.71 and its 200 day moving average price is $5.00. The firm has a market cap of $1.45 billion, a P/E ratio of 30.63 and a beta of 0.96. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.82.

Borr Drilling (NYSE:BORR) last announced its earnings results on Wednesday, May 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $247.00 million during the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a net margin of 3.13% and a return on equity of 2.88%.

Hedge Funds Weigh In On Borr Drilling

Several hedge funds have recently modified their holdings of the company. Glenorchy Capital Ltd bought a new position in shares of Borr Drilling during the 4th quarter valued at about $2,484,000. Jennison Associates LLC purchased a new stake in Borr Drilling during the fourth quarter valued at about $856,000. Tudor Investment Corp ET AL lifted its stake in Borr Drilling by 77.7% during the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock valued at $1,768,000 after buying an additional 287,428 shares in the last quarter. DNB Asset Management AS lifted its stake in Borr Drilling by 22,394.8% during the third quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock valued at $10,424,000 after buying an additional 3,857,948 shares in the last quarter. Finally, TT International Asset Management LTD purchased a new stake in Borr Drilling during the fourth quarter valued at about $1,024,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.