Borr Drilling (NYSE:BORR) Price Target Raised to $6.25 at Citigroup

Borr Drilling (NYSE:BORR) had its target price increased by Citigroup from $6.00 to $6.25 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 3.05% from the company’s current price.

Separately, Weiss Ratings reissued 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, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $4.33.

Borr Drilling Price Performance

Shares of BORR stock traded down $0.02 during trading hours on Wednesday, hitting $6.07. 2,888,301 shares of the company’s stock were exchanged, compared to its average volume of 6,548,872. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 1.63. The stock’s 50-day moving average is $4.64 and its 200-day moving average is $3.61. Borr Drilling has a 52 week low of $1.55 and a 52 week high of $6.18. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 35.62 and a beta of 1.11.

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

Hedge Funds Weigh In On Borr Drilling

A number of institutional investors have recently modified their holdings of BORR. AQR Capital Management LLC acquired a new position in Borr Drilling in the 1st quarter worth about $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 acquiring an additional 6,012 shares during the last quarter. Millennium Management LLC grew its position in Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after acquiring an additional 3,471,979 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Borr Drilling in the 1st quarter valued at $186,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Borr Drilling during the 2nd quarter worth $132,000. Hedge funds and other 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.