Borr Drilling (NYSE:BORR) Reaches New 12-Month High – What’s Next?

Borr Drilling Limited (NYSE:BORR) reached a new 52-week high on Thursday . The stock traded as high as $4.86 and last traded at $4.4950, with a volume of 1595000 shares changing hands. The stock had previously closed at $4.51.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Borr Drilling from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Citigroup reissued a “neutral” rating and set a $4.60 price objective (up previously from $3.75) on shares of Borr Drilling in a research note on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, January 21st. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.50.

Borr Drilling Price Performance

The company has a market cap of $1.48 billion, a price-to-earnings ratio of 17.39 and a beta of 1.09. The stock’s 50-day simple moving average is $3.97 and its 200 day simple moving average is $3.15. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.70.

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

Hedge Funds Weigh In On Borr Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Oak Thistle LLC acquired a new stake in shares of Borr Drilling during the third quarter worth about $29,000. Baader Bank Aktiengesellschaft acquired a new stake in Borr Drilling during the 3rd quarter worth approximately $30,000. Regatta Capital Group LLC purchased a new position in Borr Drilling in the 4th quarter valued at approximately $47,000. Jamison Private Wealth Management Inc. acquired a new position in shares of Borr Drilling in the third quarter worth $31,000. Finally, Federated Hermes Inc. acquired a new position in shares of Borr Drilling in the third quarter worth $35,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

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.