Borr Drilling (NYSE:BORR) Shares Gap Up – Here’s Why

Borr Drilling Limited (NYSE:BORR) gapped up prior to trading on Friday . The stock had previously closed at $3.41, but opened at $3.57. Borr Drilling shares last traded at $3.55, with a volume of 961,089 shares traded.

Borr Drilling Trading Up 1.6 %

The stock has a market capitalization of $875.19 million, a PE ratio of 10.50 and a beta of 2.89. The stock’s 50 day moving average price is $3.69 and its 200-day moving average price is $4.84. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The business 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 firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.02 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.08 annualized dividend and a yield of 2.31%. Borr Drilling’s payout ratio is 30.30%.

Institutional Investors Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC increased its holdings in Borr Drilling by 52.9% in the 3rd quarter. Barclays PLC now owns 718,537 shares of the company’s stock valued at $3,944,000 after acquiring an additional 248,482 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Borr Drilling by 31.7% in the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock worth $184,000 after purchasing an additional 8,054 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Borr Drilling in the third quarter worth about $303,000. Renaissance Technologies LLC purchased a new stake in shares of Borr Drilling in the second quarter worth about $1,469,000. Finally, JPMorgan Chase & Co. boosted its stake in Borr Drilling by 1.8% during the third quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock valued at $2,377,000 after buying an additional 7,682 shares during the last quarter. Institutional investors own 83.12% of the company’s stock.

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.