Borr Drilling (NYSE:BORR) Hits New 12-Month High – Here’s What Happened

Borr Drilling Limited (NYSE:BORR) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $5.96 and last traded at $5.7920, with a volume of 396683 shares. The stock had previously closed at $5.78.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BORR. Citigroup restated a “neutral” rating and set a $6.00 price target (up previously from $4.60) on shares of Borr Drilling in a research note on Thursday, February 12th. Weiss Ratings reiterated 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.20.

Borr Drilling Price Performance

The company has a market cap of $1.87 billion, a PE ratio of 21.98 and a beta of 1.11. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.70. The firm has a 50 day simple moving average of $4.49 and a 200-day simple moving average of $3.49.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of BORR. Mercer Global Advisors Inc. ADV acquired a new stake in Borr Drilling in the fourth quarter valued at approximately $49,000. CacheTech Inc. increased its position in shares of Borr Drilling by 28.9% during the fourth quarter. CacheTech Inc. now owns 29,685 shares of the company’s stock worth $120,000 after purchasing an additional 6,655 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Borr Drilling during the 4th quarter valued at $2,664,000. Tudor Investment Corp ET AL boosted its position in shares of Borr Drilling by 34.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 881,603 shares of the company’s stock worth $3,553,000 after purchasing an additional 224,192 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Borr Drilling in the 4th quarter worth $47,000. Hedge funds and other 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.