Borr Drilling (NYSE:BORR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Borr Drilling (NYSE:BORR) from a sell rating to a hold rating in a research note released on Saturday morning.

A number of other brokerages also recently commented on BORR. SEB Equity Research set a $2.40 price objective on shares of Borr Drilling in a research note on Monday, September 1st. Fearnley Fonds downgraded Borr Drilling from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, October 8th. BTIG Research lowered Borr Drilling from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Finally, Citigroup initiated coverage on shares of Borr Drilling in a research report on Thursday, September 11th. They set a “neutral” rating and a $3.25 price target for the company. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Borr Drilling currently has an average rating of “Hold” and a consensus target price of $2.83.

Borr Drilling Stock Performance

BORR stock opened at $2.66 on Friday. Borr Drilling has a 1-year low of $1.55 and a 1-year high of $5.31. The business has a 50-day moving average price of $2.75 and a 200 day moving average price of $2.22. The company has a market capitalization of $627.19 million, a P/E ratio of 12.64 and a beta of 1.83. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.28 and a quick ratio of 1.28.

Borr Drilling (NYSE:BORR) last issued its earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.03. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%. The company had revenue of $267.70 million for the quarter, compared to analysts’ expectations of $265.81 million.

Hedge Funds Weigh In On Borr Drilling

Several hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 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 buying an additional 6,012 shares during the last quarter. Private Advisor Group LLC raised its position in Borr Drilling by 24.9% during the 1st quarter. Private Advisor Group LLC now owns 31,062 shares of the company’s stock worth $68,000 after buying an additional 6,200 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Borr Drilling by 36.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 30,908 shares of the company’s stock valued at $57,000 after acquiring an additional 8,233 shares during the period. Oak Thistle LLC acquired a new stake in Borr Drilling during the 3rd quarter valued at approximately $29,000. Finally, Summit Trail Advisors LLC purchased a new stake in shares of Borr Drilling in the 1st quarter valued at $25,000. 83.12% of the stock is owned by institutional investors and hedge funds.

About Borr Drilling

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.