Borr Drilling (NYSE:BORR) Hits New 52-Week High After Analyst Upgrade

Borr Drilling Limited (NYSE:BORR)’s stock price reached a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $6.00 to $6.25. Citigroup currently has a neutral rating on the stock. Borr Drilling traded as high as $6.11 and last traded at $6.0750, with a volume of 8138796 shares trading hands. The stock had previously closed at $5.80.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.33.

Institutional Investors Weigh In On Borr Drilling

Hedge funds have recently made changes to their positions in the company. DNB Asset Management AS grew its stake in Borr Drilling by 126.4% in the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the period. Sona Asset Management US LLC bought a new stake in shares of Borr Drilling during the 3rd quarter valued at $17,180,000. Marshall Wace LLP grew its position in shares of Borr Drilling by 9,222.0% in the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after buying an additional 4,524,772 shares during the period. State Street Corp increased its stake in shares of Borr Drilling by 4.5% in the 4th quarter. State Street Corp now owns 4,212,987 shares of the company’s stock worth $16,978,000 after acquiring an additional 180,141 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after acquiring an additional 3,471,979 shares during the period. 83.12% of the stock is currently owned by institutional investors.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.63 and a current ratio of 2.19. The business’s 50-day moving average is $4.73 and its 200-day moving average is $3.64. The company has a market capitalization of $1.87 billion, a PE ratio of 34.94 and a beta of 1.11.

Borr Drilling (NYSE:BORR) last announced its earnings results on Wednesday, February 18th. The company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.03. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%. The business had revenue of $259.40 million during the quarter, compared to the consensus estimate of $238.65 million.

About Borr Drilling

Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.

The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.