Fearnley Fonds Upgrades Borr Drilling (NYSE:BORR) to “Strong-Buy”

Borr Drilling (NYSE:BORR) was upgraded by equities researchers at Fearnley Fonds from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Citigroup increased their target price on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Weiss Ratings lowered shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, March 27th. Finally, Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.33.

Borr Drilling Stock Down 0.8%

BORR stock opened at $5.45 on Tuesday. The firm’s 50-day simple moving average is $5.62 and its 200 day simple moving average is $4.40. The stock has a market cap of $1.72 billion, a PE ratio of 32.03 and a beta of 1.10. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. Borr Drilling has a fifty-two week low of $1.55 and a fifty-two week high of $6.25.

Borr Drilling (NYSE:BORR) last announced its earnings results on Saturday, February 14th. The company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.03. The firm had revenue of $259.40 million during the quarter, compared to analyst estimates of $238.65 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

Hedge Funds Weigh In On Borr Drilling

Several large investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its position in shares of Borr Drilling by 7.8% during the 1st quarter. SG Americas Securities LLC now owns 40,732 shares of the company’s stock valued at $235,000 after purchasing an additional 2,963 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Borr Drilling by 2,435.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock valued at $34,000 after purchasing an additional 8,133 shares in the last quarter. Invesco Ltd. boosted its position in shares of Borr Drilling by 47.8% during the 4th quarter. Invesco Ltd. now owns 413,923 shares of the company’s stock valued at $1,668,000 after purchasing an additional 133,869 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Borr Drilling during the 4th quarter valued at about $49,000. Finally, CacheTech Inc. boosted its position in shares of Borr Drilling by 28.9% during the 4th quarter. CacheTech Inc. now owns 29,685 shares of the company’s stock valued at $120,000 after purchasing an additional 6,655 shares in the last quarter. Institutional investors own 83.12% of the company’s stock.

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.