Borr Drilling (NYSE:BORR) Now Covered by 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.

Citigroup started coverage on shares of Borr Drilling (NYSE:BORR - Get Free Report) in a research note issued to investors on Thursday, MarketBeat reports. The brokerage set a "neutral" rating and a $3.25 price target on the stock. Citigroup's price objective would indicate a potential upside of 2.36% from the company's previous close.

Other equities research analysts have also issued reports about the company. BTIG Research lowered Borr Drilling from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. SEB Equity Research set a $2.40 price target on Borr Drilling in a research report on Monday, September 1st. Finally, Fearnley Fonds lowered Borr Drilling from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.83.

Borr Drilling Stock Up 4.4%

Shares of Borr Drilling stock traded up $0.14 during trading on Thursday, reaching $3.18. The company's stock had a trading volume of 3,674,661 shares, compared to its average volume of 5,500,752. The company has a 50-day simple moving average of $2.42 and a two-hundred day simple moving average of $2.15. Borr Drilling has a 1-year low of $1.55 and a 1-year high of $5.82. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.91. The company has a market cap of $750.01 million, a price-to-earnings ratio of 15.12 and a beta of 1.99.

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

Institutional Trading of Borr Drilling

Several institutional investors have recently made changes to their positions in the stock. Summit Trail Advisors LLC purchased a new stake in Borr Drilling during the 1st quarter worth $25,000. Oak Thistle LLC acquired a new stake in shares of Borr Drilling in the 1st quarter valued at about $26,000. Abel Hall LLC acquired a new stake in shares of Borr Drilling in the 1st quarter valued at about $29,000. State of Wyoming acquired a new stake in Borr Drilling during the first quarter worth about $30,000. Finally, Monaco Asset Management SAM acquired a new stake in Borr Drilling during the first quarter worth about $33,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

About Borr Drilling

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.