Borr Drilling (NYSE:BORR) Sets New 1-Year High – What’s Next?

Shares of Borr Drilling Limited (NYSE:BORR) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $6.38 and last traded at $6.2450, with a volume of 3634590 shares trading hands. The stock had previously closed at $6.30.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BORR shares. Weiss Ratings downgraded shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Citigroup boosted their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Wall Street Zen cut shares of Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Finally, Fearnley Fonds upgraded shares of Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Borr Drilling has a consensus rating of “Hold” and a consensus target price of $4.33.

Borr Drilling Stock Performance

The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The business’s 50 day moving average is $5.66 and its two-hundred day moving average is $4.73. The company has a market cap of $1.97 billion, a PE ratio of 36.74 and a beta of 1.04.

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

Institutional Trading of Borr Drilling

Several hedge funds have recently bought and sold shares of BORR. AQR Capital Management LLC purchased a new stake in Borr Drilling in the 1st quarter worth $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Borr Drilling by 4.5% in 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 in the last quarter. Millennium Management LLC lifted its stake in Borr Drilling by 1,025.5% in the 1st quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after purchasing an additional 3,471,979 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Borr Drilling in the 1st quarter worth $186,000. Finally, Creative Planning lifted its stake in Borr Drilling by 13.1% in the 2nd quarter. Creative Planning now owns 229,786 shares of the company’s stock worth $421,000 after purchasing an additional 26,541 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.