Borr Drilling (NYSE:BORR) Stock Price Up 6.7% – Time to Buy?

Borr Drilling Limited (NYSE:BORR) shot up 6.7% on Tuesday . The company traded as high as $2.18 and last traded at $2.20. 1,234,055 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 3,999,289 shares. The stock had previously closed at $2.06.

Borr Drilling Price Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The company’s 50-day moving average is $1.82 and its 200-day moving average is $2.73. The stock has a market cap of $534.86 million, a price-to-earnings ratio of 6.98 and a beta of 1.84.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Wednesday, May 21st. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.04). Borr Drilling had a net margin of 8.12% and a return on equity of 8.27%. The company had revenue of $217.50 million during the quarter, compared to analyst estimates of $231.17 million.

Institutional Investors Weigh In On Borr Drilling

Institutional investors and hedge funds have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new position in Borr Drilling during the 1st quarter valued at about $186,000. Pingora Partners LLC grew its position in Borr Drilling by 39.9% during the 1st quarter. Pingora Partners LLC now owns 120,000 shares of the company’s stock worth $263,000 after acquiring an additional 34,200 shares during the last quarter. Millennium Management LLC raised its position in Borr Drilling by 1,025.5% in the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after purchasing an additional 3,471,979 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Borr Drilling by 4.5% in the first 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 in the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of Borr Drilling in the first quarter valued at about $476,000. Institutional investors and hedge funds 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.