Citigroup Forecasts Strong Price Appreciation for Borr Drilling (NYSE:BORR) Stock

Borr Drilling (NYSE:BORR) had its target price upped by investment analysts at Citigroup from $6.00 to $6.25 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 5.22% from the stock’s previous close.

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Borr Drilling presently has an average rating of “Hold” and a consensus target price of $4.33.

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $5.94 on Wednesday. Borr Drilling has a 52 week low of $1.55 and a 52 week high of $6.18. The company has a 50-day moving average price of $4.73 and a 200 day moving average price of $3.64. The company has a market cap of $1.87 billion, a P/E ratio of 34.94 and a beta of 1.11. The company has a quick ratio of 1.63, a current ratio of 2.19 and a debt-to-equity ratio of 1.65.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, February 18th. The company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.03. The company had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $238.65 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

Institutional Trading of Borr Drilling

Several large investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in shares of Borr Drilling by 18.2% during the 4th quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock worth $66,000 after buying an additional 2,529 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Borr Drilling by 9.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,278 shares of the company’s stock valued at $121,000 after acquiring an additional 2,560 shares in the last quarter. Mariner LLC raised its position in Borr Drilling by 13.1% during the fourth quarter. Mariner LLC now owns 26,623 shares of the company’s stock worth $107,000 after acquiring an additional 3,094 shares during the last quarter. Salvus Wealth Management LLC lifted its holdings in shares of Borr Drilling by 13.6% in 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, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Borr Drilling by 4.5% in the first 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. Institutional investors and hedge funds own 83.12% of the company’s stock.

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.