Borr Drilling (NYSE:BORR) Shares Down 5.7% – Here’s Why

Borr Drilling Limited (NYSE:BORR) shares fell 5.7% during mid-day trading on Tuesday . The stock traded as low as $3.72 and last traded at $3.7350. 3,298,351 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 5,350,038 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

BORR has been the topic of a number of research reports. Citigroup restated a “neutral” rating and issued a $3.75 price target (up from $3.25) on shares of Borr Drilling in a report on Friday, November 14th. SEB Equity Research set a $2.40 target price on Borr Drilling in a research note on Monday, September 1st. Wall Street Zen raised Borr Drilling from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, October 8th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.08.

Borr Drilling Trading Up 2.7%

The company has a market cap of $1.17 billion, a P/E ratio of 14.15 and a beta of 1.12. The business’s 50-day moving average price is $3.25 and its 200 day moving average price is $2.70. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.63 and a current ratio of 1.63.

Borr Drilling (NYSE:BORR) last issued its earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. The business had revenue of $277.10 million during the quarter, compared to the consensus estimate of $261.44 million. Borr Drilling had a net margin of 7.06% and a return on equity of 7.02%.

Institutional Investors Weigh In On Borr Drilling

A number of large investors have recently added to or reduced their stakes in the business. Oak Thistle LLC bought a new position in Borr Drilling during the third quarter worth $29,000. State of Wyoming bought a new position in shares of Borr Drilling in the first quarter valued at about $30,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Borr Drilling during the 3rd quarter worth about $30,000. Jamison Private Wealth Management Inc. acquired a new stake in shares of Borr Drilling during the 3rd quarter worth about $31,000. Finally, R Squared Ltd bought a new stake in shares of Borr Drilling during the 2nd quarter worth about $35,000. Institutional investors own 83.12% of the company’s stock.

About Borr Drilling

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.