Borr Drilling (NYSE:BORR) Hits New 1-Year High – Still a Buy?

Borr Drilling Limited (NYSE:BORR)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $4.22 and last traded at $4.0750, with a volume of 786226 shares changing hands. The stock had previously closed at $4.05.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a research report on Wednesday, October 8th. SEB Equity Research set a $2.40 price objective on shares of Borr Drilling in a research report on Monday, September 1st. Wall Street Zen raised shares of Borr Drilling from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Citigroup reissued a “neutral” rating and issued a $3.75 price objective (up from $3.25) on shares of Borr Drilling in a research note on Friday, November 14th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Borr Drilling has an average rating of “Hold” and a consensus target price of $3.08.

Borr Drilling Stock Performance

The firm’s fifty day moving average is $3.05 and its 200-day moving average is $2.58. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.70. The stock has a market capitalization of $966.89 million, a PE ratio of 15.17 and a beta of 1.12.

Borr Drilling (NYSE:BORR) last announced its earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $277.10 million for the quarter, compared to analyst estimates of $261.44 million. Borr Drilling had a return on equity of 7.02% and a net margin of 7.06%.

Institutional Investors Weigh In On Borr Drilling

A number of large investors have recently modified their holdings of BORR. Sona Asset Management US LLC purchased a new position in shares of Borr Drilling in the 3rd quarter valued at about $17,180,000. DNB Asset Management AS increased its stake in Borr Drilling by 22,394.8% in the third quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock valued at $10,424,000 after purchasing an additional 3,857,948 shares during the last quarter. Millennium Management LLC raised its holdings in Borr Drilling by 1,025.5% during the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after purchasing an additional 3,471,979 shares in the last quarter. Masters Capital Management LLC lifted its position in shares of Borr Drilling by 42.9% during the 3rd quarter. Masters Capital Management LLC now owns 3,000,000 shares of the company’s stock worth $8,070,000 after buying an additional 900,000 shares during the last quarter. Finally, Capital International Investors lifted its position in shares of Borr Drilling by 1.7% during the 3rd quarter. Capital International Investors now owns 2,939,830 shares of the company’s stock worth $7,908,000 after buying an additional 49,031 shares during the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.