Borr Drilling (NYSE:BORR) Shares Gap Up to $6.23

Borr Drilling Limited (NYSE:BORR) gapped up before the market opened on Thursday . The stock had previously closed at $6.23, but opened at $6.51. Borr Drilling shares last traded at $6.44, with a volume of 911,546 shares changing hands.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a 50 day moving average price of $6.77 and a two-hundred day moving average price of $7.20. The company has a market capitalization of $963.74 million, a P/E ratio of -14.87 and a beta of 3.21.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Thursday, August 17th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. Borr Drilling had a negative return on equity of 8.33% and a negative net margin of 13.44%. The firm had revenue of $187.50 million for the quarter, compared to analysts’ expectations of $179.06 million. Borr Drilling’s revenue for the quarter was up 78.1% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its stake in shares of Borr Drilling by 262.1% in the third quarter. Tower Research Capital LLC TRC now owns 9,168 shares of the company’s stock worth $65,000 after acquiring an additional 6,636 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Borr Drilling in the 2nd quarter valued at about $75,000. Franklin Resources Inc. bought a new position in shares of Borr Drilling in the 1st quarter valued at about $86,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Borr Drilling during the 1st quarter worth approximately $88,000. Finally, Metropolitan Life Insurance Co NY raised its stake in shares of Borr Drilling by 13.1% during the second quarter. Metropolitan Life Insurance Co NY now owns 12,592 shares of the company’s stock worth $95,000 after buying an additional 1,460 shares during the last quarter. 51.36% of the stock is owned by institutional investors and hedge funds.

Borr Drilling Company Profile

Borr Drilling Limited operates as an offshore 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.