Borr Drilling (NYSE:BORR) Shares Gap Down – What’s Next?

Borr Drilling Limited (NYSE:BORR) gapped down prior to trading on Tuesday . The stock had previously closed at $5.07, but opened at $4.94. Borr Drilling shares last traded at $4.87, with a volume of 522,097 shares changing hands.

Analyst Upgrades and Downgrades

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

Borr Drilling Trading Down 0.8 %

The firm’s 50 day moving average is $5.66 and its 200 day moving average is $6.00. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.57 and a quick ratio of 1.57. The company has a market capitalization of $716.75 million, a PE ratio of 27.65 and a beta of 2.99.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, August 14th. The company reported $0.12 earnings per share (EPS) for the quarter. The firm had revenue of $271.90 million for the quarter. Borr Drilling had a net margin of 8.15% and a return on equity of 7.69%.

Borr Drilling Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 22nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 8.51%. The ex-dividend date was Thursday, August 22nd. Borr Drilling’s dividend payout ratio (DPR) is currently 58.82%.

Hedge Funds Weigh In On Borr Drilling

Hedge funds have recently made changes to their positions in the business. Capital International Investors boosted its holdings in Borr Drilling by 35.4% in the first quarter. Capital International Investors now owns 17,608,781 shares of the company’s stock valued at $116,834,000 after acquiring an additional 4,601,527 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Borr Drilling by 2.2% during the first quarter. Vanguard Group Inc. now owns 9,473,089 shares of the company’s stock valued at $64,891,000 after buying an additional 202,118 shares during the period. Capital International Inc. CA raised its stake in Borr Drilling by 19.5% in the first quarter. Capital International Inc. CA now owns 2,646,820 shares of the company’s stock worth $18,131,000 after buying an additional 431,861 shares in the last quarter. Goehring & Rozencwajg Associates LLC lifted its holdings in Borr Drilling by 10.7% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after buying an additional 94,300 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Borr Drilling by 28.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock valued at $5,335,000 after acquiring an additional 180,910 shares in the last quarter. 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.