Borr Drilling (NYSE:BORR) Reaches New 12-Month High – Time to Buy?

Shares of Borr Drilling Limited (NYSE:BORR) reached a new 52-week high on Tuesday . The company traded as high as $4.48 and last traded at $4.3950, with a volume of 1139829 shares traded. The stock had previously closed at $4.18.

Analyst Ratings Changes

Several research analysts have commented on BORR shares. Citigroup reiterated a “neutral” rating and set a $4.60 price target (up previously from $3.75) on shares of Borr Drilling in a report on Monday. Weiss Ratings restated a “hold (c-)” rating on shares of Borr Drilling in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Borr Drilling from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.50.

Borr Drilling Price Performance

The company’s 50-day simple moving average is $3.69 and its 200-day simple moving average is $2.96. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market capitalization of $1.33 billion, a PE ratio of 16.09 and a beta of 1.09.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $277.10 million for the quarter, compared to analyst estimates of $261.44 million. Borr Drilling had a return on equity of 7.02% and a net margin of 7.06%.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently added to or reduced their stakes in BORR. Oak Thistle LLC purchased a new position in Borr Drilling in the third quarter worth $29,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Borr Drilling in the third quarter valued at about $30,000. Jamison Private Wealth Management Inc. purchased a new stake in Borr Drilling during the third quarter worth about $31,000. R Squared Ltd acquired a new position in Borr Drilling during the second quarter worth about $35,000. Finally, Callan Family Office LLC purchased a new position in Borr Drilling in the second quarter valued at about $35,000. Institutional investors and hedge funds 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.