Borr Drilling (NYSE:BORR) Shares Gap Up After Dividend Announcement

Borr Drilling Limited (NYSE:BORR)’s stock price gapped up prior to trading on Thursday after the company announced a dividend. The stock had previously closed at $2.98, but opened at $3.20. Borr Drilling shares last traded at $2.94, with a volume of 2,712,198 shares changing hands.

The newly announced dividend which will be paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Monday, March 3rd. Borr Drilling’s dividend payout ratio (DPR) is 31.25%.

Borr Drilling Trading Down 3.4 %

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 business’s 50-day moving average price is $3.56 and its 200 day moving average price is $4.50. The company has a market cap of $743.85 million, a P/E ratio of 9.20 and a beta of 2.84.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The business had revenue of $263.10 million for the quarter, compared to analyst estimates of $247.78 million.

Institutional Investors Weigh In On Borr Drilling

A number of large investors have recently added to or reduced their stakes in BORR. SG Americas Securities LLC boosted its position in Borr Drilling by 6.9% during the fourth quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock worth $332,000 after purchasing an additional 5,500 shares during the period. X Square Capital LLC boosted its holdings in shares of Borr Drilling by 3.2% during the 4th quarter. X Square Capital LLC now owns 183,434 shares of the company’s stock worth $715,000 after buying an additional 5,707 shares during the period. Sterling Capital Management LLC grew its stake in Borr Drilling by 828.2% in the 4th quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock valued at $30,000 after buying an additional 6,775 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Borr Drilling by 1.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock valued at $2,377,000 after acquiring an additional 7,682 shares during the period. Finally, Private Advisor Group LLC lifted its position in Borr Drilling by 31.7% during the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock worth $184,000 after acquiring an additional 8,054 shares during the last quarter. Institutional investors own 83.12% of the company’s stock.

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.