Borr Drilling (NYSE:BORR) Hits New 1-Year Low – Here’s What Happened

Borr Drilling Limited (NYSE:BORR) shares reached a new 52-week low during trading on Thursday . The company traded as low as $3.26 and last traded at $3.28, with a volume of 2420638 shares changing hands. The stock had previously closed at $3.41.

Borr Drilling Trading Down 1.9 %

The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market capitalization of $844.88 million, a P/E ratio of 10.14 and a beta of 2.89. The stock has a 50-day moving average price of $3.77 and a two-hundred day moving average price of $4.99.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data 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 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 issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.39%. Borr Drilling’s dividend payout ratio (DPR) is 30.30%.

Institutional Trading of Borr Drilling

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC purchased a new position in Borr Drilling during the second quarter valued at $1,469,000. Sei Investments Co. purchased a new position in shares of Borr Drilling in the 2nd quarter worth about $99,000. Xponance Inc. boosted its stake in Borr Drilling by 13.3% in the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after purchasing an additional 1,767 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Borr Drilling during the 2nd quarter valued at about $30,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Borr Drilling during the 2nd quarter valued at about $1,954,000. 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.