Borr Drilling (NYSE:BORR) Shares Gap Up to $6.80

Shares of Borr Drilling Limited (NYSE:BORR – Get Rating) gapped up before the market opened on Monday . The stock had previously closed at $6.80, but opened at $7.00. Borr Drilling shares last traded at $6.99, with a volume of 75,659 shares trading hands.

Analysts Set New Price Targets

BORR has been the subject of a number of recent analyst reports. BTIG Research raised their price target on Borr Drilling from $7.00 to $8.00 in a report on Wednesday, January 25th. Evercore ISI raised their price target on Borr Drilling from $8.00 to $10.00 and gave the company an “in-line” rating in a report on Tuesday, February 14th.

Borr Drilling Price Performance

The company has a 50 day moving average price of $7.17 and a 200 day moving average price of $6.05. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -3.81 and a beta of 3.27. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.33.

Borr Drilling (NYSE:BORR – Get Rating) last released its earnings results on Wednesday, February 15th. The company reported ($0.09) EPS for the quarter. The firm had revenue of $148.60 million during the quarter. Borr Drilling had a negative net margin of 65.98% and a negative return on equity of 18.95%.

Institutional Trading of Borr Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. American International Group Inc. increased its position in shares of Borr Drilling by 2.9% in the fourth quarter. American International Group Inc. now owns 95,322 shares of the company’s stock valued at $474,000 after acquiring an additional 2,710 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Borr Drilling by 17.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,631 shares of the company’s stock valued at $112,000 after acquiring an additional 3,001 shares during the last quarter. Bank of America Corp DE increased its position in shares of Borr Drilling by 10.1% in the first quarter. Bank of America Corp DE now owns 34,167 shares of the company’s stock valued at $259,000 after acquiring an additional 3,146 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Borr Drilling by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 38,854 shares of the company’s stock valued at $295,000 after acquiring an additional 3,695 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Borr Drilling by 20.6% in the fourth quarter. ProShare Advisors LLC now owns 25,929 shares of the company’s stock valued at $129,000 after acquiring an additional 4,423 shares during the last quarter. Institutional investors and hedge funds own 30.55% of the company’s stock.

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.