Borr Drilling (NYSE:BORR) Trading 5.8% Higher - Here's What Happened

Key Points

• BORR shares rose 5.8% on Tuesday to about $6.09 with ~6.42 million shares traded, slightly below its average daily volume.
• Analyst sentiment is mixed — the consensus rating is Hold with an average price target of $4.33, though Citigroup raised its target to $6.25 and some firms have issued both upgrades and downgrades recently.
• Borr reported an earnings beat for the quarter (EPS $0.00 vs. -$0.03 estimate and revenue $259.4M vs. $238.65M), and institutional ownership is high at about 83.1%.

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares rose 5.8% during trading on Tuesday . The stock traded as high as $6.10 and last traded at $6.0850. Approximately 6,423,774 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 7,296,937 shares. The stock had previously closed at $5.75.

Wall Street Analysts Forecast Growth

BORR has been the topic of a number of recent research reports. Wall Street Zen downgraded Borr Drilling from a "hold" rating to a "sell" rating in a research report on Saturday, April 18th. Weiss Ratings lowered shares of Borr Drilling from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, March 27th. Fearnley Fonds upgraded shares of Borr Drilling from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 21st. Finally, Citigroup lifted their price objective on shares of Borr Drilling from $6.00 to $6.25 and gave the stock a "neutral" rating in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $4.33.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19. The stock has a market cap of $1.92 billion, a PE ratio of 35.76 and a beta of 1.10. The firm has a fifty day moving average price of $5.63 and a 200 day moving average price of $4.47.

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

Hedge Funds Weigh In On Borr Drilling

Several hedge funds and other institutional investors have recently modified their holdings of the stock. DNB Asset Management AS grew its position in Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company's stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the last quarter. Sona Asset Management US LLC purchased a new stake in shares of Borr Drilling during the third quarter valued at $17,180,000. Marshall Wace LLP increased its position in shares of Borr Drilling by 9,222.0% in the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company's stock valued at $18,433,000 after acquiring an additional 4,524,772 shares during the period. State Street Corp raised its stake in Borr Drilling by 4.5% in 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 last quarter. 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 hedge funds and other institutional investors.

Borr Drilling Company Profile

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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