Borr Drilling Ltd Up 4.82% To $6.53 After Earnings Miss

Borr Drilling Ltd (BORR) said before open Thursday that it broke even in quarter three 2023.

On the revenue line, the company reported $191.5 million, beating estimates by $500 thousand.

In the same quarter a year ago, the company lost $0.3 per share on revenue of $107.9 million.

The stock is up 4.82% to $6.53 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Borr Drilling Ltd has performed a little below average during the past few months. Before the report, Borr Drilling Ltd received a Long-Term Technical Rank by InvestorsObserver of 49, putting it in the bottom half of stocks. The firm set a 52-week high on August 4, 2023 at $9.01 and set a 52-week low on December 12, 2022 at $4.03.

Borr Drilling Ltd is a drilling contractor that owns and operates jack-up rigs of modern and high-specification designs providing drilling services to the oil and gas exploration and production industry. The company operates a fleet of 16 jack-up drilling rigs. Geographically the activities are carried out through Norway.