Borr Drilling (NYSE:BORR) Trading Up 4% – Should You Buy?

Borr Drilling Limited (NYSE:BORR)’s share price was up 4% on Monday . The stock traded as high as $3.45 and last traded at $3.4430. Approximately 553,236 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 5,270,996 shares. The stock had previously closed at $3.31.

Analyst Upgrades and Downgrades

BORR has been the topic of several research analyst reports. SEB Equity Research set a $2.40 price objective on Borr Drilling in a research report on Monday, September 1st. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Borr Drilling from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Citigroup reaffirmed a “neutral” rating and set a $3.75 target price (up from $3.25) on shares of Borr Drilling in a research note on Friday, November 14th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, Borr Drilling currently has an average rating of “Hold” and an average target price of $3.08.

Borr Drilling Price Performance

The firm has a market capitalization of $853.97 million, a P/E ratio of 13.19 and a beta of 1.12. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.70. The firm has a 50 day moving average price of $3.00 and a 200-day moving average price of $2.53.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Borr Drilling had a return on equity of 7.02% and a net margin of 7.06%.The company had revenue of $277.10 million during the quarter, compared to the consensus estimate of $261.44 million.

Institutional Trading of Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of BORR. Sona Asset Management US LLC bought a new stake in Borr Drilling during the 3rd quarter valued at $17,180,000. DNB Asset Management AS lifted its stake in Borr Drilling by 22,394.8% in the third quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock worth $10,424,000 after acquiring an additional 3,857,948 shares during the period. Millennium Management LLC grew its holdings 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 worth $8,345,000 after acquiring an additional 3,471,979 shares in the last quarter. Masters Capital Management LLC increased its position in Borr Drilling by 42.9% during the 3rd quarter. Masters Capital Management LLC now owns 3,000,000 shares of the company’s stock valued at $8,070,000 after purchasing an additional 900,000 shares during the period. Finally, Capital International Investors lifted its position in shares of Borr Drilling by 1.7% in the 3rd quarter. Capital International Investors now owns 2,939,830 shares of the company’s stock worth $7,908,000 after purchasing an additional 49,031 shares during the period. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Company Profile

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.