Borr Drilling (NYSE:BORR) Downgraded by Wall Street Zen to "Sell"

Key Points

• Wall Street Zen downgraded Borr Drilling from "hold" to "sell" and Weiss Ratings also cut to a "sell," leaving a MarketBeat consensus of "Reduce" with an average price target of $4.33.
• The stock opened at $5.55 (50-day SMA $5.63, 200-day SMA $4.33) with a $1.75 billion market cap, P/E of 32.62, and leverage (debt-to-equity) of 1.65, implying valuation and balance-sheet considerations for investors.
• Borr beat expectations last quarter (EPS $0.00 vs. -$0.03 est., revenue $259.4M vs. $238.65M) while institutional ownership is high at ~83%, with large investors like DNB, Marshall Wace and Millennium significantly increasing positions.

Borr Drilling (NYSE:BORR - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

A number of other brokerages have also recently issued reports on BORR. Weiss Ratings cut Borr Drilling from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, March 27th. Citigroup upped their target price on Borr Drilling from $6.00 to $6.25 and gave the company a "neutral" rating in a research report on Wednesday, February 25th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $4.33.

Borr Drilling Trading Up 1.9%

NYSE:BORR opened at $5.55 on Friday. The stock has a 50-day simple moving average of $5.63 and a 200-day simple moving average of $4.33. The stock has a market cap of $1.75 billion, a P/E ratio of 32.62 and a beta of 1.10. Borr Drilling has a 1 year low of $1.55 and a 1 year high of $6.25. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19.

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

Institutional Trading of Borr Drilling

A number of large investors have recently made changes to their positions in the company. DNB Asset Management AS boosted its position in shares of Borr Drilling by 126.4% in the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company's stock valued at $35,351,000 after purchasing an additional 4,896,701 shares during the period. Sona Asset Management US LLC acquired a new stake in Borr Drilling during the 3rd quarter worth approximately $17,180,000. Marshall Wace LLP lifted its position in Borr Drilling by 9,222.0% during the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company's stock worth $18,433,000 after acquiring an additional 4,524,772 shares during the period. State Street Corp lifted its position in Borr Drilling by 4.5% during the 4th quarter. State Street Corp now owns 4,212,987 shares of the company's stock worth $16,978,000 after acquiring an additional 180,141 shares during the period. Finally, Millennium Management LLC lifted its position 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 during the period. 83.12% of the stock is owned by institutional investors and hedge funds.

About Borr Drilling

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.

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