Borr Drilling (NYSE:BORR) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Borr Drilling (NYSE:BORR) from a hold rating to a sell rating in a research note published on Saturday.

BORR has been the topic of several other reports. Citigroup boosted their target price on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $4.33.

Borr Drilling Price Performance

Shares of BORR opened at $6.04 on Friday. Borr Drilling has a fifty-two week low of $1.55 and a fifty-two week high of $6.25. The firm’s 50-day simple moving average is $5.28 and its two-hundred day simple moving average is $4.05. The stock has a market cap of $1.90 billion, a PE ratio of 35.50 and a beta of 1.00. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.63 and a current ratio of 2.19.

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

Institutional Investors Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently made changes to their positions in the company. DNB Asset Management AS boosted its stake in Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock valued at $35,351,000 after purchasing an additional 4,896,701 shares during the last quarter. Sona Asset Management US LLC bought a new stake in shares of Borr Drilling in the 3rd quarter worth $17,180,000. Marshall Wace LLP raised its stake in shares of Borr Drilling by 9,222.0% in the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after purchasing an additional 4,524,772 shares during the last quarter. State Street Corp lifted its holdings in shares of Borr Drilling by 4.5% during the fourth quarter. State Street Corp now owns 4,212,987 shares of the company’s stock valued at $16,978,000 after purchasing an additional 180,141 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Borr Drilling by 1,025.5% during the first 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 in the last quarter. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Company Profile

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.