Borr Drilling (NYSE:BORR) Shares Gap Up - Here's Why

Key Points

• Borr Drilling shares gapped up premarket from $5.55 to $5.70, were last around $5.83, up about 4.1% on roughly 1.49 million shares traded.
• Analysts maintain a consensus Hold rating (four Holds) with an average price target of $4.33, although Citigroup raised its target to $6.25 while keeping a neutral rating.
• The company beat quarterly estimates—EPS $0.00 vs. ($0.03) expected and revenue $259.4M vs. $238.65M—and shows a healthy current ratio (2.19) with about 83% institutional ownership.

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $5.55, but opened at $5.70. Borr Drilling shares last traded at $5.8270, with a volume of 1,485,466 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BORR shares. Citigroup increased their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the company a "neutral" rating in a research report on Wednesday, February 25th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Borr Drilling in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $4.33.

Borr Drilling Stock Up 4.1%

The company has a current ratio of 2.19, a quick ratio of 1.63 and a debt-to-equity ratio of 1.65. The stock has a market cap of $1.82 billion, a P/E ratio of 33.97 and a beta of 1.00. The firm has a 50-day simple moving average of $5.22 and a two-hundred day simple moving average of $4.01.

Borr Drilling (NYSE:BORR - Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.03. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%. The business had revenue of $259.40 million for the quarter, compared to the consensus estimate of $238.65 million.

Institutional Investors Weigh In On Borr Drilling

Several institutional investors have recently made changes to their positions in BORR. Caitong International Asset Management Co. Ltd grew its position in Borr Drilling by 2,435.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company's stock worth $34,000 after buying an additional 8,133 shares in the last quarter. Invesco Ltd. lifted its position in shares of Borr Drilling by 47.8% during the 4th quarter. Invesco Ltd. now owns 413,923 shares of the company's stock valued at $1,668,000 after acquiring an additional 133,869 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Borr Drilling during the 4th quarter worth $49,000. CacheTech Inc. grew its holdings in shares of Borr Drilling by 28.9% during the 4th quarter. CacheTech Inc. now owns 29,685 shares of the company's stock worth $120,000 after purchasing an additional 6,655 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Borr Drilling in the fourth quarter worth $2,664,000. 83.12% of the stock is currently owned by institutional investors.

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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