Borr Drilling (NYSE:BORR) Trading 5.7% Higher - Here's Why

Key Points

• Borr Drilling's shares increased by 5.7%, closing at $2.83 after reaching a high of $2.80, despite a significant decrease in trading volume.
• The stock received several analyst rating updates, with Wall Street Zen upgrading it from "sell" to "hold" and Citigroup setting a target price of $3.25.
• Institutional investors hold a substantial 83.12% stake, with notable increases from firms like Millennium Management, which boosted its holdings by over 1,000% in the first quarter.

Shares of Borr Drilling Limited (NYSE:BORR - Get Free Report) traded up 5.7% during mid-day trading on Wednesday . The company traded as high as $2.80 and last traded at $2.83. 2,456,692 shares traded hands during trading, a decline of 54% from the average session volume of 5,300,851 shares. The stock had previously closed at $2.68.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Borr Drilling from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. Citigroup assumed coverage on shares of Borr Drilling in a research note on Thursday, September 11th. They issued a "neutral" rating and a $3.25 target price on the stock. SEB Equity Research set a $2.40 price objective on Borr Drilling in a report on Monday, September 1st. Fearnley Fonds cut Borr Drilling from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, BTIG Research cut Borr Drilling from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Borr Drilling has a consensus rating of "Hold" and an average price target of $2.83.

Borr Drilling Trading Up 5.8%

The firm has a market cap of $669.70 million, a price-to-earnings ratio of 13.50 and a beta of 1.83. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.28 and a quick ratio of 1.28. The business has a 50-day moving average of $2.80 and a 200-day moving average of $2.25.

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

Institutional Investors Weigh In On Borr Drilling

Several hedge funds have recently added to or reduced their stakes in BORR. Millennium Management LLC lifted its holdings 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 valued at $8,345,000 after purchasing an additional 3,471,979 shares during the last quarter. HRT Financial LP grew its position in Borr Drilling by 252.2% in the second quarter. HRT Financial LP now owns 887,379 shares of the company's stock valued at $1,623,000 after acquiring an additional 635,435 shares during the last quarter. Jump Financial LLC grew its position in Borr Drilling by 256.7% in the first quarter. Jump Financial LLC now owns 663,000 shares of the company's stock valued at $1,452,000 after acquiring an additional 477,119 shares during the last quarter. Monaco Asset Management SAM grew its position in Borr Drilling by 2,400.0% in the second quarter. Monaco Asset Management SAM now owns 375,000 shares of the company's stock valued at $686,000 after acquiring an additional 360,000 shares during the last quarter. Finally, Sowell Financial Services LLC bought a new position in Borr Drilling in the third quarter valued at about $874,000. Institutional investors and hedge funds own 83.12% of the company's stock.

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.

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