Borr Drilling (NYSE:BORR) Trading Up 2.8% – What’s Next?

Borr Drilling Limited (NYSE:BORR) shares shot up 2.8% on Monday . The company traded as high as $3.72 and last traded at $3.70. 1,312,730 shares traded hands during trading, a decline of 45% from the average session volume of 2,373,318 shares. The stock had previously closed at $3.60.

Analyst Ratings Changes

Separately, Evercore ISI raised Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research report on Friday, September 13th.

Borr Drilling Stock Performance

The company has a market capitalization of $942.13 million, a PE ratio of 11.30 and a beta of 2.95. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The company has a 50 day moving average of $3.96 and a two-hundred day moving average of $5.30.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). The company had revenue of $241.60 million for the quarter. Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%.

Borr Drilling Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Friday, November 29th. Borr Drilling’s payout ratio is 30.30%.

Institutional Trading of Borr Drilling

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd bought a new position in shares of Borr Drilling during the second quarter worth $30,000. Signaturefd LLC lifted its stake in Borr Drilling by 666.6% in the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock worth $51,000 after purchasing an additional 6,839 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Borr Drilling by 13.3% during the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after purchasing an additional 1,767 shares during the last quarter. Sei Investments Co. purchased a new position in shares of Borr Drilling during the second quarter valued at about $99,000. Finally, SCP Investment LP purchased a new stake in shares of Borr Drilling in the third quarter worth about $158,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

About Borr Drilling

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.