Borr Drilling (NYSE:BORR) Sets New 1-Year High – What’s Next?

Borr Drilling Limited (NYSE:BORR) shares hit a new 52-week high during trading on Friday . The stock traded as high as $6.38 and last traded at $6.2450, with a volume of 3634590 shares. The stock had previously closed at $6.30.

Wall Street Analysts Forecast Growth

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

Borr Drilling Stock Down 0.9%

The company’s fifty day moving average price is $5.66 and its 200-day moving average price is $4.73. The stock has a market capitalization of $1.97 billion, a PE ratio of 36.74 and a beta of 1.04. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65.

Borr Drilling (NYSE:BORR) last released its earnings results on Saturday, February 14th. The company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.03. The firm had revenue of $259.40 million during the quarter, compared to analyst estimates 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

A number of hedge funds have recently modified their holdings of the business. DNB Asset Management AS grew its position in shares of 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 acquiring 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% during the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock valued at $18,433,000 after acquiring an additional 4,524,772 shares during the period. State Street Corp grew its position in shares of Borr Drilling by 4.5% during the 4th quarter. State Street Corp now owns 4,212,987 shares of the company’s stock valued at $16,978,000 after acquiring an additional 180,141 shares during the period. Finally, Millennium Management LLC grew its position in shares of 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. 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.