Borr Drilling (NYSE:BORR) Stock Price Up 7% – Here’s What Happened

Shares of Borr Drilling Limited (NYSE:BORR) rose 7% during mid-day trading on Friday . The stock traded as high as $3.63 and last traded at $3.57. Approximately 1,553,721 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 4,649,396 shares. The stock had previously closed at $3.34.

Borr Drilling Stock Up 8.5 %

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The business has a 50 day moving average price of $3.75 and a 200 day moving average price of $4.98. The stock has a market cap of $915.60 million, a PE ratio of 11.05 and a beta of 2.89.

Borr Drilling (NYSE:BORR) last posted its 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 company also recently disclosed 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 2.21%. Borr Drilling’s dividend payout ratio (DPR) is currently 30.30%.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds have recently modified their holdings of BORR. HITE Hedge Asset Management LLC purchased a new stake in Borr Drilling in the 3rd quarter valued at $4,214,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Borr Drilling during the 2nd quarter worth about $1,954,000. Barclays PLC raised 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 buying an additional 248,482 shares during the period. Renaissance Technologies LLC acquired a new position in Borr Drilling in the second quarter valued at about $1,469,000. Finally, XTX Topco Ltd purchased a new position in Borr Drilling during the third quarter worth about $443,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Company Profile

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.