Borr Drilling (NYSE:BORR) Shares Gap Up to $6.40

Borr Drilling Limited (NYSE:BORR – Get Rating)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $6.40, but opened at $6.54. Borr Drilling shares last traded at $6.45, with a volume of 612,083 shares.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BORR. BTIG Research increased their target price on Borr Drilling from $7.00 to $8.00 in a report on Wednesday, January 25th. Evercore ISI increased their target price on Borr Drilling from $8.00 to $10.00 and gave the stock an “in-line” rating in a report on Tuesday, February 14th.

Borr Drilling Stock Performance

The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $6.36 and a two-hundred day moving average price of $5.05.

Borr Drilling (NYSE:BORR – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The company reported ($0.09) earnings per share for the quarter. The company had revenue of $148.60 million for the quarter. Borr Drilling had a negative return on equity of 19.32% and a negative net margin of 65.98%.

Institutional Trading of Borr Drilling

Institutional investors and hedge funds have recently made changes to their positions in the stock. Xponance Inc. acquired a new stake in Borr Drilling in the 3rd quarter valued at approximately $36,000. Prudential Financial Inc. acquired a new stake in Borr Drilling in the 3rd quarter valued at approximately $39,000. Tower Research Capital LLC TRC increased its position in Borr Drilling by 157.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 14,059 shares of the company’s stock valued at $47,000 after acquiring an additional 8,591 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in Borr Drilling in the 2nd quarter valued at approximately $59,000. Finally, Principal Financial Group Inc. acquired a new stake in Borr Drilling in the 2nd quarter valued at approximately $62,000. 30.55% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Company Profile

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Borr Drilling Ltd. engages in the provision of offshore drilling services to the oil and gas industry. It operates through Dayrate; and Integrated Well Services (IWS) segments. The Dayrate segment consists of rig charters and ancillary services. The IWS segment provides integrated well services through Opex and Akal.