Borr Drilling (NYSE:BORR) Hits New 1-Year High – Time to Buy?

Borr Drilling Limited (NYSE:BORR) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $4.61 and last traded at $4.6050, with a volume of 1874967 shares traded. The stock had previously closed at $4.38.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BORR shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a research report on Wednesday. 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, Citigroup reiterated a “neutral” rating and issued a $4.60 target price (up from $3.75) on shares of Borr Drilling in a report on Monday, January 12th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.50.

Borr Drilling Trading Up 4.5%

The business’s 50-day simple moving average is $3.87 and its 200-day simple moving average is $3.08. The company has a market cap of $1.44 billion, a PE ratio of 16.87 and a beta of 1.09. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.70.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Borr Drilling had a net margin of 7.06% and a return on equity of 7.02%. The business had revenue of $277.10 million for the quarter, compared to the consensus estimate of $261.44 million.

Hedge Funds Weigh In On Borr Drilling

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