Wall Street Zen Downgrades Borr Drilling (NYSE:BORR) to Sell

Borr Drilling (NYSE:BORR) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings cut Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Citigroup increased their target price on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $4.33.

Borr Drilling Trading Down 0.4%

Borr Drilling stock opened at $5.55 on Friday. The business has a 50 day moving average price of $5.63 and a two-hundred day moving average price of $4.35. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 32.62 and a beta of 1.10. Borr Drilling has a 12 month low of $1.55 and a 12 month high of $6.25.

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

Hedge Funds Weigh In On Borr Drilling

A number of hedge funds have recently modified their holdings of BORR. Sona Asset Management US LLC acquired a new position in shares of Borr Drilling in the 3rd quarter worth approximately $17,180,000. DNB Asset Management AS increased its holdings in Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock valued at $35,351,000 after purchasing an additional 4,896,701 shares in the last quarter. Marshall Wace LLP increased its holdings in Borr Drilling by 9,222.0% during 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 in the last quarter. Encompass Capital Advisors LLC acquired a new stake in Borr Drilling during the 4th quarter valued at $14,326,000. Finally, Millennium Management LLC increased its holdings in Borr Drilling by 1,025.5% during the 1st 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. 83.12% of the stock is owned by institutional investors and hedge funds.

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.