Borr Drilling (NYSE:BORR) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Borr Drilling's stock was upgraded from a "sell" to a "hold" rating by Wall Street Zen, signaling a more favorable outlook.
• Analysts have set an average price target of $2.83 for the stock, with several firms adjusting their ratings, including Citigroup's "neutral" rating and Fearnley Fonds' downgrade to "hold."
• Borr Drilling reported earnings of $0.14 per share for the last quarter, exceeding estimates, and had a revenue of $267.70 million.

Borr Drilling (NYSE:BORR - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other equities research analysts have also weighed in on BORR. Citigroup assumed coverage on Borr Drilling in a research report on Thursday, September 11th. They issued a "neutral" rating and a $3.25 target price on the stock. Fearnley Fonds lowered Borr Drilling from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. BTIG Research cut Borr Drilling from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. SEB Equity Research set a $2.40 price objective on shares of Borr Drilling in a report on Monday, September 1st. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Borr Drilling in a research note on Wednesday. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.83.

Borr Drilling Stock Performance

BORR stock opened at $2.45 on Friday. Borr Drilling has a 12-month low of $1.55 and a 12-month high of $5.43. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.91. The stock's 50 day simple moving average is $2.74 and its 200 day simple moving average is $2.22. The firm has a market cap of $577.58 million, a P/E ratio of 11.64 and a beta of 1.83.

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

Hedge Funds Weigh In On Borr Drilling

Several large investors have recently bought and sold shares of the stock. Jump Financial LLC boosted its position in shares of Borr Drilling by 256.7% during the 1st quarter. Jump Financial LLC now owns 663,000 shares of the company's stock valued at $1,452,000 after purchasing an additional 477,119 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Borr Drilling by 100.1% during the 1st quarter. HighTower Advisors LLC now owns 472,225 shares of the company's stock valued at $1,034,000 after purchasing an additional 236,281 shares in the last quarter. Capricorn Fund Managers Ltd bought a new position in shares of Borr Drilling during the 1st quarter valued at about $241,000. Walleye Capital LLC bought a new position in shares of Borr Drilling during the 1st quarter valued at about $591,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Borr Drilling by 51.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 50,682 shares of the company's stock valued at $111,000 after purchasing an additional 17,240 shares in the last quarter. Institutional investors and hedge funds own 83.12% of the company's stock.

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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