Borr Drilling (NYSE:BORR) Reaches New 52-Week High – Time to Buy?

Borr Drilling Limited (NYSE:BORR)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $4.95 and last traded at $4.9250, with a volume of 6757185 shares trading hands. The stock had previously closed at $4.69.

Analyst Ratings Changes

BORR has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, January 21st. Citigroup reissued a “neutral” rating and set a $4.60 target price (up previously from $3.75) on shares of Borr Drilling in a research report on Monday, January 12th. Finally, Wall Street Zen upgraded shares of Borr Drilling from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.50.

Borr Drilling Stock Up 5.0%

The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.70. The business’s 50-day simple moving average is $4.10 and its 200-day simple moving average is $3.24. The company has a market capitalization of $1.55 billion, a PE ratio of 18.24 and a beta of 1.11.

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

Hedge Funds Weigh In On Borr Drilling

Several large investors have recently made changes to their positions in the company. Oak Thistle LLC purchased a new position in Borr Drilling in the third quarter valued at $29,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Borr Drilling during the third quarter valued at approximately $30,000. Jamison Private Wealth Management Inc. acquired a new position in Borr Drilling in the 3rd quarter valued at $31,000. R Squared Ltd acquired a new stake in shares of Borr Drilling in the second quarter valued at about $35,000. Finally, Callan Family Office LLC acquired a new stake in Borr Drilling in the 2nd quarter valued at about $35,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.