Jennison Associates LLC Makes New Investment in Borr Drilling Limited $BORR

Key Points

• Jennison Associates initiated a new stake in Borr Drilling of 212,364 shares (~$856,000), leaving it with 0.07% ownership, while other institutions (notably DNB Asset Management) also ramped up positions and overall institutional ownership stands at 83.12%.
• Analyst sentiment is mixed — one Strong Buy, two Holds and one Sell — resulting in a consensus rating of "Hold" and a consensus price target of $4.33.
• BORR recently beat estimates with EPS of $0.00 vs. a -$0.03 consensus and revenue of $259.4M vs. $238.65M, while the stock trades around $6.12 (one‑year high $6.33) and the company has a market cap of about $1.93 billion.

Jennison Associates LLC acquired a new position in shares of Borr Drilling Limited (NYSE:BORR - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 212,364 shares of the company's stock, valued at approximately $856,000. Jennison Associates LLC owned 0.07% of Borr Drilling at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Glenorchy Capital Ltd acquired a new position in shares of Borr Drilling in the fourth quarter valued at about $2,484,000. DNB Asset Management AS lifted its holdings in shares of Borr Drilling by 22,394.8% during the third quarter. DNB Asset Management AS now owns 3,875,175 shares of the company's stock worth $10,424,000 after purchasing an additional 3,857,948 shares during the period. Tudor Investment Corp ET AL lifted its holdings in shares of Borr Drilling by 77.7% during the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company's stock worth $1,768,000 after purchasing an additional 287,428 shares during the period. Tejara Capital Ltd boosted its position in Borr Drilling by 56.6% in the third quarter. Tejara Capital Ltd now owns 1,518,261 shares of the company's stock valued at $4,084,000 after buying an additional 548,441 shares during the last quarter. Finally, TT International Asset Management LTD acquired a new position in Borr Drilling in the 4th quarter worth approximately $1,024,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Borr Drilling Stock Up 0.2%

BORR stock opened at $6.12 on Monday. Borr Drilling Limited has a one year low of $1.55 and a one year high of $6.33. 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 firm's fifty day moving average is $5.65 and its 200 day moving average is $4.54. The firm has a market cap of $1.93 billion, a PE ratio of 35.97 and a beta of 1.04.

Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings data on Saturday, February 14th. The company reported $0.00 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $238.65 million.

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.

Want to see what other hedge funds are holding BORR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Borr Drilling Limited (NYSE:BORR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.