DNB Asset Management AS Boosts Stock Position in Borr Drilling Limited $BORR

DNB Asset Management AS increased its stake in Borr Drilling Limited (NYSE:BORR) by 126.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,771,876 shares of the company’s stock after buying an additional 4,896,701 shares during the quarter. DNB Asset Management AS’s holdings in Borr Drilling were worth $35,351,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baader Bank Aktiengesellschaft purchased a new stake in shares of Borr Drilling in the 3rd quarter worth approximately $30,000. Regatta Capital Group LLC purchased a new stake in shares of Borr Drilling in the 4th quarter worth approximately $47,000. Federated Hermes Inc. purchased a new stake in shares of Borr Drilling in the 3rd quarter worth approximately $35,000. Interchange Capital Partners LLC purchased a new stake in shares of Borr Drilling in the 3rd quarter worth approximately $36,000. Finally, Ballentine Partners LLC purchased a new stake in shares of Borr Drilling in the 4th quarter worth approximately $57,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BORR shares. Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Citigroup upped their price objective on Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings cut Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Borr Drilling presently has an average rating of “Hold” and an average target price of $4.33.

Borr Drilling Price Performance

NYSE BORR opened at $6.25 on Friday. The business’s fifty day moving average price is $5.67 and its 200-day moving average price is $4.74. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 36.74 and a beta of 1.04. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 2.19. Borr Drilling Limited has a 1-year low of $1.55 and a 1-year high of $6.38.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Saturday, February 14th. The company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.03. The firm had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $238.65 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

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.