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

Borr Drilling Limited (NYSE:BORR) shares gapped down prior to trading on Friday . The stock had previously closed at $3.74, but opened at $3.58. Borr Drilling shares last traded at $3.59, with a volume of 1,734,763 shares traded.

Analyst Upgrades and Downgrades

Separately, Evercore ISI upgraded shares of Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price target for the company in a report on Friday, September 13th.

Borr Drilling Price Performance

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 stock has a fifty day simple moving average of $3.99 and a 200-day simple moving average of $5.34. The stock has a market cap of $916.87 million, a price-to-earnings ratio of 11.00 and a beta of 2.95.

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

Borr Drilling Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, November 29th. Borr Drilling’s dividend payout ratio is currently 30.30%.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. raised its holdings in Borr Drilling by 13.3% in the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after acquiring an additional 1,767 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Borr Drilling by 6.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock valued at $454,000 after acquiring an additional 4,520 shares during the period. Point72 DIFC Ltd acquired a new position in Borr Drilling during the second quarter worth $30,000. Signaturefd LLC lifted its holdings in shares of Borr Drilling by 666.6% during the second quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock valued at $51,000 after acquiring an additional 6,839 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of 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 purchasing an additional 7,682 shares in the last quarter. 83.12% of the stock is 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.