Borr Drilling (NYSE:BORR) Posts Earnings Results, Misses Expectations By $0.04 EPS

Borr Drilling (NYSE:BORR) issued its quarterly earnings results on Wednesday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04), Zacks reports. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The company had revenue of $217.50 million during the quarter, compared to analysts’ expectations of $231.17 million.

Borr Drilling Stock Performance

NYSE:BORR opened at $1.57 on Thursday. The business’s fifty day moving average is $1.96 and its 200 day moving average is $2.95. Borr Drilling has a 52-week low of $1.56 and a 52-week high of $7.26. The firm has a market cap of $374.52 million, a price-to-earnings ratio of 4.92 and a beta of 1.77. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

Institutional Investors Weigh In On Borr Drilling

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its position in Borr Drilling by 1,025.5% during the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after acquiring an additional 3,471,979 shares during the last quarter. AQR Capital Management LLC purchased a new position in Borr Drilling in the 1st quarter worth approximately $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Borr Drilling by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock valued at $309,000 after buying an additional 6,012 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Borr Drilling in the 1st quarter worth approximately $186,000. Hedge funds and other 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.