Borr Drilling (NYSE:BORR) Upgraded by Wall Street Zen to Hold Rating
by Michael Walen · The Markets DailyWall Street Zen upgraded shares of Borr Drilling (NYSE:BORR – Free Report) from a sell rating to a hold rating in a research report report published on Sunday morning.
Several other research firms also recently issued reports on BORR. Weiss Ratings downgraded Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. Citigroup upped their price objective on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $4.33.
Get Our Latest Stock Analysis on Borr Drilling
Borr Drilling Stock Down 0.1%
Borr Drilling stock opened at $5.83 on Friday. The stock has a market capitalization of $1.84 billion, a PE ratio of 34.26 and a beta of 1.10. Borr Drilling has a twelve month low of $1.55 and a twelve month high of $6.25. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. The company has a 50 day moving average of $5.43 and a 200-day moving average of $4.15.
Borr Drilling (NYSE:BORR – Get Free Report) last issued its quarterly earnings data on Saturday, February 14th. The company reported $0.00 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.03. The business had revenue of $259.40 million for the quarter, compared to analyst estimates of $238.65 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.
Institutional Investors Weigh In On Borr Drilling
A number of institutional investors and hedge funds have recently made changes to their positions in BORR. Sona Asset Management US LLC bought a new position in shares of Borr Drilling in the third quarter valued at $17,180,000. DNB Asset Management AS raised its position in Borr Drilling by 126.4% during the fourth quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after acquiring an additional 4,896,701 shares in the last quarter. Marshall Wace LLP raised its position in Borr Drilling by 9,222.0% during the fourth quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after acquiring an additional 4,524,772 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in Borr Drilling in the fourth quarter valued at $14,326,000. Finally, Millennium Management LLC lifted its stake in Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after acquiring an additional 3,471,979 shares during the last quarter. 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.