Citigroup Raises Borr Drilling (NYSE:BORR) Price Target to $6.25

Borr Drilling (NYSE:BORR) had its price target increased by analysts at Citigroup from $6.00 to $6.25 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 3.05% from the company’s previous close.

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $4.33.

Borr Drilling Stock Performance

Shares of NYSE:BORR traded down $0.02 during trading on Wednesday, hitting $6.07. 2,888,301 shares of the company were exchanged, compared to its average volume of 6,548,872. Borr Drilling has a 52-week low of $1.55 and a 52-week high of $6.18. The company has a market cap of $1.91 billion, a PE ratio of 35.62 and a beta of 1.11. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.19 and a quick ratio of 1.63. The stock has a 50 day moving average of $4.64 and a 200 day moving average of $3.61.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.03. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%. The business had revenue of $259.40 million for the quarter, compared to analyst estimates of $238.65 million.

Institutional Trading of Borr Drilling

Institutional investors have recently made changes to their positions in the stock. Sona Asset Management US LLC bought a new position in shares of Borr Drilling in the third quarter worth about $17,180,000. DNB Asset Management AS increased its position in shares of Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after purchasing an additional 4,896,701 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Borr Drilling by 9,222.0% in the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock valued at $18,433,000 after purchasing an additional 4,524,772 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in Borr Drilling during the fourth quarter valued at about $14,326,000. Finally, Millennium Management LLC lifted its holdings in shares of Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after purchasing an additional 3,471,979 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.