Borr Drilling (NYSE:BORR) Shares Up 8.6% – Time to Buy?

Borr Drilling Limited (NYSE:BORR)’s share price rose 8.6% during mid-day trading on Monday . The stock traded as high as $5.06 and last traded at $5.1050. Approximately 1,544,339 shares traded hands during trading, a decline of 78% from the average daily volume of 6,969,011 shares. The stock had previously closed at $4.70.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BORR shares. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a research report on Wednesday, January 21st. Citigroup boosted their price target on shares of Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Borr Drilling has a consensus rating of “Hold” and an average price target of $4.33.

Borr Drilling Price Performance

The company has a market cap of $1.57 billion, a P/E ratio of 29.21 and a beta of 1.00. The firm’s 50-day moving average is $5.16 and its two-hundred day moving average is $3.97. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 1.63.

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

Institutional Investors Weigh In On Borr Drilling

Several large investors have recently added to or reduced their stakes in BORR. Oak Thistle LLC purchased a new stake in Borr Drilling during the third quarter valued at approximately $29,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Borr Drilling in the 3rd quarter worth approximately $30,000. Jamison Private Wealth Management Inc. purchased a new position in shares of Borr Drilling in the 3rd quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd increased its position in shares of Borr Drilling by 2,435.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after purchasing an additional 8,133 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of Borr Drilling during the 3rd quarter valued at approximately $35,000. 83.12% of the stock is owned by institutional investors.

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.