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

Shares of Borr Drilling Limited (NYSE:BORR) reached a new 52-week high on Tuesday . The stock traded as high as $6.25 and last traded at $6.12, with a volume of 6931579 shares. The stock had previously closed at $6.13.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Citigroup raised their price target on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, Borr Drilling currently has a consensus rating of “Hold” and an average target price of $4.33.

Borr Drilling Stock Performance

The company has a quick ratio of 1.63, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $1.93 billion, a P/E ratio of 36.00 and a beta of 1.00. The stock has a fifty day moving average of $4.82 and a 200-day moving average of $3.71.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, February 18th. The company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.03. The firm had revenue of $259.40 million for 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%.

Institutional Investors Weigh In On Borr Drilling

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