Borr Drilling (NYSE:BORR) Stock Price Down 4% – What’s Next?

Borr Drilling Limited (NYSE:BORR)’s stock price dropped 4% during mid-day trading on Tuesday . The stock traded as low as $2.30 and last traded at $2.30. Approximately 807,894 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 3,240,969 shares. The stock had previously closed at $2.39.

Borr Drilling Stock Performance

The firm has a fifty day moving average price of $2.90 and a 200 day moving average price of $3.90. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. The firm has a market cap of $602.41 million, a PE ratio of 7.45 and a beta of 2.69.

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

Borr Drilling Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were given 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 yield of 3.35%. Borr Drilling’s dividend payout ratio is currently 31.25%.

Institutional Trading of Borr Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of BORR. Sterling Capital Management LLC increased its position in shares of Borr Drilling by 828.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock valued at $30,000 after acquiring an additional 6,775 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Borr Drilling during the fourth quarter worth $59,000. Salvus Wealth Management LLC purchased a new position in shares of Borr Drilling during the fourth quarter worth $59,000. Natixis purchased a new stake in shares of Borr Drilling in the 4th quarter valued at $58,000. Finally, CacheTech Inc. acquired a new position in Borr Drilling during the 4th quarter worth about $81,000. 83.12% of the stock is owned by institutional investors and hedge funds.

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.