Borr Drilling (NYSE:BORR) Price Target Raised to $6.25

Borr Drilling (NYSE:BORR) had its target price increased by Citigroup from $6.00 to $6.25 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

Borr Drilling Stock Up 3.5%

BORR stock opened at $6.13 on Wednesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 1.63. The stock has a market capitalization of $1.93 billion, a P/E ratio of 36.03 and a beta of 1.11. Borr Drilling has a fifty-two week low of $1.55 and a fifty-two week high of $6.18. The business has a 50-day moving average of $4.78 and a 200-day moving average of $3.67.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BORR. California State Teachers Retirement System raised its holdings in shares of Borr Drilling by 18.2% in the 4th quarter. California State Teachers Retirement System now owns 16,390 shares of the company’s stock valued at $66,000 after purchasing an additional 2,529 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Borr Drilling by 9.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,278 shares of the company’s stock worth $121,000 after buying an additional 2,560 shares during the last quarter. Mariner LLC raised its stake in Borr Drilling by 13.1% in the fourth quarter. Mariner LLC now owns 26,623 shares of the company’s stock valued at $107,000 after buying an additional 3,094 shares during the period. Salvus Wealth Management LLC lifted its position 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 buying an additional 3,715 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Borr Drilling by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock worth $309,000 after acquiring an additional 6,012 shares during the period. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.