Borr Drilling (NYSE:BORR) Now Covered by Analysts at Citigroup

Key Points

• Citigroup has initiated coverage on Borr Drilling (NYSE:BORR) with a "neutral" rating and a price target of $3.25, implying a potential upside of 5.01% from the previous close.
• Additionally, other analysts have recently downgraded the stock, including BTIG Research and Fearnley Fonds, with the current consensus target price averaging $4.88 and a rating of "Hold."
• Borr Drilling reported a quarterly earnings per share of $0.14, exceeding estimates, and its stock has recently seen institutional buying activity, with over 83% of the shares owned by institutional investors.

Investment analysts at Citigroup assumed coverage on shares of Borr Drilling (NYSE:BORR - Get Free Report) in a research report issued on Thursday,Briefing.com Automated Import reports. The firm set a "neutral" rating and a $3.25 price target on the stock. Citigroup's target price would suggest a potential upside of 5.01% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. BTIG Research downgraded shares of Borr Drilling from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Fearnley Fonds cut Borr Drilling from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, SEB Equity Research set a $2.40 target price on Borr Drilling in a research report on Monday, September 1st. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Borr Drilling has an average rating of "Hold" and a consensus target price of $4.88.

Borr Drilling Trading Up 1.8%

Shares of Borr Drilling stock opened at $3.10 on Thursday. The company's fifty day simple moving average is $2.37 and its 200-day simple moving average is $2.15. The company has a market cap of $731.13 million, a price-to-earnings ratio of 14.74 and a beta of 1.99. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.91. Borr Drilling has a 1 year low of $1.55 and a 1 year high of $5.82.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.03. The business had revenue of $267.70 million for the quarter, compared to the consensus estimate of $265.81 million. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BORR. Price T Rowe Associates Inc. MD lifted its holdings in shares of Borr Drilling by 18.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 92,070 shares of the company's stock valued at $360,000 after acquiring an additional 14,546 shares during the period. Northern Trust Corp lifted its holdings in shares of Borr Drilling by 4.6% during the fourth quarter. Northern Trust Corp now owns 1,475,256 shares of the company's stock valued at $5,753,000 after acquiring an additional 64,992 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Borr Drilling during the fourth quarter valued at $127,000. Bank of America Corp DE lifted its holdings in shares of Borr Drilling by 169.1% during the fourth quarter. Bank of America Corp DE now owns 486,808 shares of the company's stock valued at $1,899,000 after acquiring an additional 305,935 shares during the period. Finally, Millennium Management LLC bought a new position in shares of Borr Drilling during the fourth quarter valued at $1,320,000. 83.12% of the stock is owned by institutional investors.

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.

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