Borr Drilling (NYSE:BORR) Shares Up 4% – Should You Buy?

Borr Drilling Limited (NYSE:BORR) shares traded up 4% during mid-day trading on Monday . The stock traded as high as $3.45 and last traded at $3.4430. 553,236 shares changed hands during trading, a decline of 90% from the average session volume of 5,270,996 shares. The stock had previously closed at $3.31.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BORR shares. SEB Equity Research set a $2.40 price objective on shares of Borr Drilling in a research report on Monday, September 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Borr Drilling in a research report on Wednesday, October 8th. Wall Street Zen upgraded Borr Drilling from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Citigroup reiterated a “neutral” rating and set a $3.75 target price (up from $3.25) on shares of Borr Drilling in a report on Friday, November 14th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $3.08.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.70, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a 50-day moving average price of $2.98 and a 200-day moving average price of $2.51. The firm has a market capitalization of $823.26 million, a PE ratio of 12.91 and a beta of 1.12.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Borr Drilling had a return on equity of 7.02% and a net margin of 7.06%.The firm had revenue of $277.10 million during the quarter, compared to analyst estimates of $261.44 million.

Institutional Trading of Borr Drilling

Institutional investors have recently added to or reduced their stakes in the stock. CIBC Bancorp USA Inc. acquired a new position in Borr Drilling during the third quarter worth about $71,000. Abel Hall LLC acquired a new stake in Borr Drilling in the 3rd quarter valued at about $43,000. Verition Fund Management LLC boosted its position in shares of Borr Drilling by 306.4% during the 3rd quarter. Verition Fund Management LLC now owns 321,074 shares of the company’s stock valued at $864,000 after purchasing an additional 242,065 shares in the last quarter. Sona Asset Management US LLC acquired a new position in shares of Borr Drilling in the 3rd quarter worth approximately $17,180,000. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Borr Drilling in the 3rd quarter worth approximately $538,000. 83.12% of the stock is owned by institutional investors and hedge funds.

About Borr Drilling

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.