Borr Drilling (NYSE:BORR) Shares Gap Up – Still a Buy?

Borr Drilling Limited (NYSE:BORR)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $5.55, but opened at $5.70. Borr Drilling shares last traded at $5.8270, with a volume of 1,485,466 shares.

Wall Street Analysts Forecast Growth

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

Borr Drilling Price Performance

The stock has a market cap of $1.82 billion, a P/E ratio of 33.97 and a beta of 1.00. 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 business’s fifty day moving average price is $5.22 and its 200 day moving average price is $4.01.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $238.65 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Oak Thistle LLC acquired a new stake in shares of Borr Drilling during the 3rd quarter valued at $29,000. Baader Bank Aktiengesellschaft bought a new position in Borr Drilling in the third quarter valued at about $30,000. Jamison Private Wealth Management Inc. acquired a new stake in shares of Borr Drilling during the third quarter valued at about $31,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Borr Drilling by 2,435.0% during the fourth 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. Finally, Federated Hermes Inc. bought a new stake in shares of Borr Drilling during the third quarter worth about $35,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.