Borr Drilling (NYSE:BORR) Sets New 1-Year High – Here’s Why

Borr Drilling Limited (NYSE:BORR) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $6.25 and last traded at $6.12, with a volume of 6931579 shares trading hands. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Citigroup raised their price target on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.33.

Borr Drilling Price Performance

The business has a 50 day simple moving average of $4.89 and a two-hundred day simple moving average of $3.75. The firm has a market capitalization of $1.84 billion, a P/E ratio of 34.38 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 quarterly earnings results on Wednesday, February 18th. The company reported $0.00 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.03. The business had revenue of $259.40 million during the quarter, compared to analysts’ expectations of $238.65 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

Institutional Investors Weigh In On Borr Drilling

Large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Borr Drilling by 2,435.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after purchasing an additional 8,133 shares in the last quarter. Oak Thistle LLC bought a new stake in Borr Drilling in the 3rd quarter worth approximately $29,000. Inspire Advisors LLC purchased a new stake in Borr Drilling in the fourth quarter worth approximately $44,000. Baader Bank Aktiengesellschaft bought a new position in Borr Drilling during the third quarter valued at approximately $30,000. Finally, Regatta Capital Group LLC purchased a new position in shares of Borr Drilling during the fourth quarter worth approximately $47,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.