Borr Drilling (NYSE:BORR) Stock Rating Upgraded by Evercore ISI

Borr Drilling (NYSE:BORR) was upgraded by equities researchers at Evercore ISI from an “in-line” rating to an “outperform” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm currently has a $9.00 price target on the stock. Evercore ISI’s price objective indicates a potential upside of 64.23% from the stock’s current price.

Borr Drilling Trading Up 3.8 %

Shares of NYSE BORR opened at $5.48 on Friday. Borr Drilling has a fifty-two week low of $5.09 and a fifty-two week high of $7.80. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market cap of $835.70 million, a price-to-earnings ratio of 32.24 and a beta of 3.00. The business’s 50 day moving average price is $6.21 and its 200-day moving average price is $6.20.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, August 14th. The company reported $0.12 earnings per share for the quarter. The business had revenue of $271.90 million for the quarter. Borr Drilling had a return on equity of 7.69% and a net margin of 8.15%.

Hedge Funds Weigh In On Borr Drilling

A number of institutional investors have recently modified their holdings of BORR. Creative Planning grew its stake in Borr Drilling by 234.9% in the second quarter. Creative Planning now owns 91,405 shares of the company’s stock worth $590,000 after purchasing an additional 64,109 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Borr Drilling by 10.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 109,727 shares of the company’s stock worth $708,000 after buying an additional 10,375 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Borr Drilling during the 2nd quarter worth $1,954,000. Point72 DIFC Ltd purchased a new position in shares of Borr Drilling during the second quarter valued at $30,000. Finally, Xponance Inc. raised its holdings in shares of Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after acquiring an additional 1,767 shares in the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.

About Borr Drilling

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.