Borr Drilling (NYSE:BORR) Stock Price Down 4.4% – What’s Next?

Borr Drilling Limited (NYSE:BORR)’s stock price traded down 4.4% on Thursday . The company traded as low as $3.69 and last traded at $3.69. 280,372 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 2,299,704 shares. The stock had previously closed at $3.86.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI raised Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 target price on the stock in a research report on Friday, September 13th.

Borr Drilling Stock Up 0.9 %

The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The stock’s fifty day simple moving average is $4.27 and its 200-day simple moving average is $5.52. The stock has a market cap of $568.06 million, a P/E ratio of 11.29 and a beta of 2.95.

Borr Drilling (NYSE:BORR) last issued its earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a return on equity of 8.50% and a net margin of 8.70%. The company had revenue of $241.60 million during the quarter.

Borr Drilling Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, November 29th. Borr Drilling’s payout ratio is currently 30.30%.

Hedge Funds Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently bought and sold shares of BORR. HITE Hedge Asset Management LLC acquired a new position in shares of Borr Drilling during the 3rd quarter valued at $4,214,000. Cubist Systematic Strategies LLC bought a new position in Borr Drilling during the second quarter valued at about $1,954,000. Barclays PLC grew its holdings in Borr Drilling by 52.9% during the third quarter. Barclays PLC now owns 718,537 shares of the company’s stock worth $3,944,000 after acquiring an additional 248,482 shares during the period. Renaissance Technologies LLC bought a new stake in Borr Drilling in the second quarter worth about $1,469,000. Finally, Bank of New York Mellon Corp lifted its holdings in Borr Drilling by 28.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock valued at $5,335,000 after acquiring an additional 180,910 shares during the last quarter. Institutional investors own 83.12% of the company’s stock.

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.