Borr Drilling (NYSE:BORR) Trading Up 5.8% – Still a Buy?

Borr Drilling Limited (NYSE:BORR)’s stock price was up 5.8% on Thursday . The stock traded as high as $6.18 and last traded at $6.0950. Approximately 981,031 shares traded hands during trading, a decline of 86% from the average daily volume of 7,137,136 shares. The stock had previously closed at $5.76.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings lowered Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Citigroup boosted their target price on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Finally, Wall Street Zen downgraded shares of Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Borr Drilling presently has a consensus rating of “Reduce” and an average price target of $4.33.

Borr Drilling Trading Up 2.2%

The stock has a market capitalization of $1.86 billion, a P/E ratio of 34.63 and a beta of 1.00. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The business has a 50-day moving average price of $5.37 and a two-hundred day moving average price of $4.10.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results on Saturday, February 14th. The company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.03. The business had revenue of $259.40 million during the quarter, compared to the consensus estimate of $238.65 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

Institutional Investors Weigh In On Borr Drilling

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its stake in shares of Borr Drilling by 18.2% in the 4th quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after purchasing an additional 2,529 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Borr Drilling by 9.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,278 shares of the company’s stock valued at $121,000 after purchasing an additional 2,560 shares in the last quarter. Mariner LLC grew its holdings in shares of Borr Drilling by 13.1% during the 4th quarter. Mariner LLC now owns 26,623 shares of the company’s stock valued at $107,000 after purchasing an additional 3,094 shares during the last quarter. Salvus Wealth Management LLC increased its position in Borr Drilling by 13.6% during the 4th quarter. Salvus Wealth Management LLC now owns 30,935 shares of the company’s stock worth $125,000 after purchasing an additional 3,715 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Borr Drilling by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock valued at $309,000 after purchasing an additional 6,012 shares during the last quarter. 83.12% of the stock is currently owned by institutional investors.

Borr Drilling Company Profile

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.