Borr Drilling (NYSE:BORR) Downgraded by BTIG Research to Neutral

BTIG Research cut shares of Borr Drilling (NYSE:BORR) from a buy rating to a neutral rating in a report published on Monday morning, Marketbeat Ratings reports.

Borr Drilling Stock Performance

Shares of NYSE BORR opened at $1.96 on Monday. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.25 and a quick ratio of 1.25. The stock’s fifty day moving average price is $1.92 and its two-hundred day moving average price is $2.46. Borr Drilling has a one year low of $1.55 and a one year high of $7.09. The firm has a market cap of $461.83 million, a price-to-earnings ratio of 10.29 and a beta of 1.79.

Borr Drilling (NYSE:BORR) last issued its earnings results on Wednesday, May 21st. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). Borr Drilling had a net margin of 5.11% and a return on equity of 5.14%. The company had revenue of $217.50 million during the quarter, compared to analyst estimates of $231.17 million.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Tejara Capital Ltd raised its stake in Borr Drilling by 46.8% in the fourth quarter. Tejara Capital Ltd now owns 2,201,589 shares of the company’s stock valued at $8,418,000 after purchasing an additional 701,478 shares in the last quarter. Rovida Investment Management Ltd purchased a new stake in Borr Drilling in the fourth quarter worth about $5,070,000. Bank of America Corp DE lifted its holdings in shares of Borr Drilling by 169.1% during the fourth quarter. Bank of America Corp DE now owns 486,808 shares of the company’s stock valued at $1,899,000 after purchasing an additional 305,935 shares during the last quarter. FIL Ltd lifted its holdings in shares of Borr Drilling by 2.4% during the fourth quarter. FIL Ltd now owns 11,593,801 shares of the company’s stock valued at $45,216,000 after purchasing an additional 267,791 shares during the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of Borr Drilling during the fourth quarter valued at approximately $748,000. 83.12% of the stock is owned by institutional investors.

Borr Drilling Company Profile

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.