Borr Drilling (NYSE:BORR) Shares Gap Up – What’s Next?

Borr Drilling Limited (NYSE:BORR) shares gapped up prior to trading on Thursday . The stock had previously closed at $2.98, but opened at $3.20. Borr Drilling shares last traded at $2.94, with a volume of 2,712,198 shares trading hands.

Borr Drilling Price Performance

The stock has a market capitalization of $764.05 million, a PE ratio of 9.19 and a beta of 2.84. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The stock’s fifty day moving average is $3.58 and its 200-day moving average is $4.53.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). The company had revenue of $263.10 million during the quarter, compared to analyst estimates of $247.78 million. Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%.

Hedge Funds Weigh In On Borr Drilling

A number of hedge funds have recently modified their holdings of the business. Encompass Capital Advisors LLC acquired a new stake in shares of Borr Drilling in the fourth quarter valued at $10,718,000. Jane Street Group LLC lifted its stake in Borr Drilling by 842.5% during the fourth quarter. Jane Street Group LLC now owns 1,949,508 shares of the company’s stock worth $7,603,000 after purchasing an additional 1,742,670 shares during the last quarter. Linden Advisors LP acquired a new position in Borr Drilling in the fourth quarter valued at approximately $6,321,000. Renaissance Technologies LLC increased its stake in Borr Drilling by 5,369.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,509,600 shares of the company’s stock valued at $5,887,000 after purchasing an additional 1,482,000 shares during the last quarter. Finally, Lloyd Harbor Capital Management LLC acquired a new stake in Borr Drilling during the fourth quarter worth approximately $5,220,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

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.