Borr Drilling (NYSE:BORR) Hits New 12-Month High – Still a Buy?

Borr Drilling Limited (NYSE:BORR)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $4.61 and last traded at $4.6050, with a volume of 1874967 shares. The stock had previously closed at $4.38.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BORR shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday. Wall Street Zen raised Borr Drilling from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Citigroup reaffirmed a “neutral” rating and set a $4.60 price objective (up from $3.75) on shares of Borr Drilling in a research report on Monday, January 12th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.50.

Borr Drilling Stock Performance

The company has a debt-to-equity ratio of 1.70, a current ratio of 1.63 and a quick ratio of 1.63. The stock’s 50-day moving average price is $3.89 and its 200-day moving average price is $3.10. The company has a market cap of $1.41 billion, a P/E ratio of 16.54 and a beta of 1.09.

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

Institutional Investors Weigh In On Borr Drilling

Institutional investors have recently made changes to their positions in the stock. Sona Asset Management US LLC bought a new position in Borr Drilling during the 3rd quarter worth $17,180,000. DNB Asset Management AS lifted its position in shares of Borr Drilling by 22,394.8% during the 3rd quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock valued at $10,424,000 after acquiring an additional 3,857,948 shares during the period. Millennium Management LLC grew its holdings in shares of Borr Drilling by 1,025.5% during the 1st 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 increased its position in shares of Borr Drilling by 42.9% in the third quarter. Masters Capital Management LLC now owns 3,000,000 shares of the company’s stock worth $8,070,000 after purchasing an additional 900,000 shares during the period. Finally, HRT Financial LP raised its stake in Borr Drilling by 252.2% in the second quarter. HRT Financial LP now owns 887,379 shares of the company’s stock valued at $1,623,000 after purchasing an additional 635,435 shares in the last quarter. 83.12% of the stock is currently owned by institutional investors.

Borr Drilling Company Profile

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.