DNB Asset Management AS Buys 3,857,948 Shares of Borr Drilling Limited $BORR

DNB Asset Management AS boosted its position in shares of Borr Drilling Limited (NYSE:BORR) by 22,394.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,875,175 shares of the company’s stock after buying an additional 3,857,948 shares during the quarter. DNB Asset Management AS owned approximately 1.64% of Borr Drilling worth $10,424,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BORR. AQR Capital Management LLC acquired a new position in shares of Borr Drilling during the first quarter valued at $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 purchasing an additional 6,012 shares during the last quarter. Millennium Management LLC lifted its position in Borr Drilling by 1,025.5% during the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after purchasing an additional 3,471,979 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Borr Drilling in the 1st quarter valued at about $186,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Borr Drilling during the 2nd quarter worth approximately $132,000. 83.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BORR has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, January 21st. Citigroup raised their price target on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.33.

Borr Drilling Stock Performance

Shares of Borr Drilling stock opened at $6.13 on Friday. The stock’s fifty day simple moving average is $4.78 and its 200 day simple moving average is $3.68. The company has a current ratio of 2.19, a quick ratio of 1.63 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $1.93 billion, a PE ratio of 36.03 and a beta of 1.11. Borr Drilling Limited has a 12 month low of $1.55 and a 12 month high of $6.18.

Borr Drilling (NYSE:BORR) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $238.65 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

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.