Borr Drilling (NYSE:BORR) Trading 5.8% Higher – Here’s Why

Borr Drilling Limited (NYSE:BORR)’s stock price was up 5.8% during mid-day trading on Tuesday . The company traded as high as $6.10 and last traded at $6.0850. Approximately 6,423,774 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 7,296,937 shares. The stock had previously closed at $5.75.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Weiss Ratings lowered Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. Citigroup boosted their price target on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Finally, Fearnley Fonds raised Borr Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Borr Drilling currently has an average rating of “Hold” and an average price target of $4.33.

Borr Drilling Trading Down 1.4%

The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 35.54 and a beta of 1.10. The firm’s 50-day moving average is $5.65 and its 200 day moving average is $4.52.

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. The firm had revenue of $259.40 million during the quarter, compared to analysts’ expectations of $238.65 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Sona Asset Management US LLC bought a new stake in shares of Borr Drilling in the 3rd quarter valued at about $17,180,000. DNB Asset Management AS raised its holdings in Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Borr Drilling by 9,222.0% in the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after purchasing an additional 4,524,772 shares during the period. Encompass Capital Advisors LLC bought a new stake in shares of Borr Drilling in the 4th quarter valued at $14,326,000. Finally, Millennium Management LLC increased its position in shares of Borr Drilling by 1,025.5% during the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after buying an additional 3,471,979 shares during the period. 83.12% of the stock is owned by 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.