Citigroup Issues Positive Forecast for Borr Drilling (NYSE:BORR) Stock Price

Borr Drilling (NYSE:BORR) had its price objective boosted by Citigroup from $6.00 to $6.25 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.33.

Borr Drilling Stock Down 1.0%

Shares of NYSE BORR opened at $6.02 on Wednesday. The business has a 50-day moving average price of $4.69 and a 200 day moving average price of $3.62. The stock has a market cap of $1.90 billion, a PE ratio of 35.41 and a beta of 1.11. The company has a quick ratio of 1.63, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. Borr Drilling has a 52-week low of $1.55 and a 52-week high of $6.18.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.03. The company had revenue of $259.40 million during the quarter, compared to analysts’ expectations of $238.65 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

Hedge Funds Weigh In On Borr Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of BORR. Oak Thistle LLC purchased a new position in Borr Drilling during the 3rd quarter worth $29,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Borr Drilling during the third quarter worth about $30,000. Jamison Private Wealth Management Inc. purchased a new position in Borr Drilling during the third quarter worth about $31,000. Federated Hermes Inc. acquired a new stake in Borr Drilling in the third quarter valued at about $35,000. Finally, Interchange Capital Partners LLC purchased a new stake in Borr Drilling in the 3rd quarter valued at approximately $36,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

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.