Borr Drilling (NYSE:BORR) Raised to “Hold” at Wall Street Zen

Borr Drilling (NYSE:BORR) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday.

BORR has been the subject of several other reports. Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Citigroup raised their price target on Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $4.33.

Borr Drilling Trading Down 0.1%

BORR opened at $5.83 on Friday. Borr Drilling has a 12 month low of $1.55 and a 12 month high of $6.25. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 34.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 2.19. The business has a fifty day moving average price of $5.43 and a 200 day moving average price of $4.14.

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

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in BORR. Caitong International Asset Management Co. Ltd boosted its stake in shares of Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after buying an additional 8,133 shares during the period. Invesco Ltd. raised its stake in Borr Drilling by 47.8% during the 4th quarter. Invesco Ltd. now owns 413,923 shares of the company’s stock valued at $1,668,000 after acquiring an additional 133,869 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Borr Drilling during the 4th quarter valued at approximately $49,000. CacheTech Inc. lifted its position in Borr Drilling by 28.9% during the 4th quarter. CacheTech Inc. now owns 29,685 shares of the company’s stock worth $120,000 after acquiring an additional 6,655 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Borr Drilling during the 4th quarter worth approximately $2,664,000. 83.12% of the stock is owned by hedge funds and other 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.