Borr Drilling (NYSE:BORR) Sets New 12-Month High – Here’s What Happened

by · The Cerbat Gem

Borr Drilling Limited (NYSE:BORR – Get Free Report)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $4.86 and last traded at $4.4950, with a volume of 1595000 shares changing hands. The stock had previously closed at $4.51.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BORR shares. Citigroup restated a “neutral” rating and issued a $4.60 price target (up previously from $3.75) on shares of Borr Drilling in a research report on Monday, January 12th. Wall Street Zen raised shares of Borr Drilling from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Borr Drilling currently has a consensus rating of “Hold” and a consensus target price of $3.50.

Read Our Latest Report on Borr Drilling

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.63 and a current ratio of 1.63. The firm’s 50 day simple moving average is $3.97 and its 200 day simple moving average is $3.15. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 17.39 and a beta of 1.09.

Borr Drilling (NYSE:BORR – Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $277.10 million for the quarter, compared to analyst estimates of $261.44 million. Borr Drilling had a net margin of 7.06% and a return on equity of 7.02%.

Institutional Trading of Borr Drilling

A number of hedge funds have recently added to or reduced their stakes in the company. TT International Asset Management LTD purchased a new stake in shares of Borr Drilling during the 4th quarter worth about $1,024,000. Capricorn Fund Managers Ltd acquired a new stake in Borr Drilling in the 4th quarter valued at $443,000. Regatta Capital Group LLC purchased a new stake in Borr Drilling in the 4th quarter worth $47,000. Salvus Wealth Management LLC lifted its holdings in Borr Drilling by 13.6% during the fourth quarter. Salvus Wealth Management LLC now owns 30,935 shares of the company’s stock valued at $125,000 after purchasing an additional 3,715 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Borr Drilling during the fourth quarter worth about $152,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

Borr Drilling Company Profile

(Get Free Report)

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.

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