Borr Drilling (NYSE:BORR) Trading 5.8% Higher – Still a Buy?

Borr Drilling Limited (NYSE:BORR) shares were up 5.8% on Thursday . The company traded as high as $6.18 and last traded at $6.0950. Approximately 981,031 shares traded hands during trading, a decline of 86% from the average daily volume of 7,137,136 shares. The stock had previously closed at $5.76.

Analyst Ratings Changes

A number of analysts have commented on BORR shares. Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Finally, Citigroup upped their target price on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $4.33.

Borr Drilling Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 34.63 and a beta of 1.00. The business has a fifty day moving average of $5.37 and a two-hundred day moving average of $4.10.

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

Institutional Trading of Borr Drilling

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oak Thistle LLC acquired a new position in Borr Drilling in the 3rd quarter valued at about $29,000. Baader Bank Aktiengesellschaft acquired a new stake in Borr Drilling during the third quarter worth approximately $30,000. Jamison Private Wealth Management Inc. bought a new stake in shares of Borr Drilling during the third quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd grew its position in shares of Borr Drilling by 2,435.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after purchasing an additional 8,133 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in shares of Borr Drilling in the third quarter valued at approximately $35,000. 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.