Borr Drilling (NYSE:BORR) Shares Down 3.3% – What’s Next?

Shares of Borr Drilling Limited (NYSE:BORR) dropped 3.3% during mid-day trading on Wednesday . The stock traded as low as $2.22 and last traded at $2.22. Approximately 169,080 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 3,294,362 shares. The stock had previously closed at $2.29.

Borr Drilling Stock Down 1.5 %

The stock has a 50-day moving average of $2.80 and a 200 day moving average of $3.80. The company has a market capitalization of $552.31 million, a PE ratio of 7.05 and a beta of 2.69. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last issued 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). The company had revenue of $263.10 million during the quarter, compared to analysts’ expectations of $247.78 million. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%.

Borr Drilling Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Monday, March 3rd were issued a $0.02 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 3.55%. Borr Drilling’s dividend payout ratio (DPR) is presently 31.25%.

Institutional Trading of Borr Drilling

Several hedge funds have recently made changes to their positions in the company. Encompass Capital Advisors LLC purchased a new stake in Borr Drilling in the 4th quarter worth about $10,718,000. Jane Street Group LLC raised its position in shares of Borr Drilling by 842.5% in the fourth quarter. Jane Street Group LLC now owns 1,949,508 shares of the company’s stock valued at $7,603,000 after purchasing an additional 1,742,670 shares during the period. Linden Advisors LP purchased a new stake in shares of Borr Drilling during the 4th quarter valued at approximately $6,321,000. Renaissance Technologies LLC boosted its holdings in Borr Drilling by 5,369.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,509,600 shares of the company’s stock worth $5,887,000 after buying an additional 1,482,000 shares during the period. Finally, Lloyd Harbor Capital Management LLC bought a new stake in Borr Drilling during the 4th quarter valued at $5,220,000. 83.12% of the stock is currently owned by 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.