Borr Drilling (NYSE:BORR) Trading 2.8% Higher – Here’s What Happened

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

Analyst Upgrades and Downgrades

Separately, Evercore ISI raised shares of 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 Trading Up 3.6 %

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 firm has a market cap of $942.13 million, a PE ratio of 11.30 and a beta of 2.95. The stock’s fifty day simple moving average is $3.96 and its 200-day simple moving average is $5.30.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The company had revenue of $241.60 million during 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 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. The ex-dividend date was Friday, November 29th. This represents a $0.08 annualized dividend and a yield of 2.14%. Borr Drilling’s dividend payout ratio (DPR) is 30.30%.

Institutional Investors Weigh In On Borr Drilling

A number of large investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in Borr Drilling in the 2nd quarter valued at $30,000. Signaturefd LLC increased its holdings in shares of Borr Drilling by 666.6% in the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock valued at $51,000 after purchasing an additional 6,839 shares in the last quarter. Xponance Inc. raised its holdings in Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after purchasing an additional 1,767 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Borr Drilling in the second quarter valued at about $99,000. Finally, SCP Investment LP purchased a new stake in Borr Drilling in the 3rd quarter valued at approximately $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.