Borr Drilling (NYSE:BORR) Trading Down 4.5% – Time to Sell?

Borr Drilling Limited (NYSE:BORR) shares dropped 4.5% during mid-day trading on Thursday . The stock traded as low as $3.64 and last traded at $3.65. Approximately 990,752 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 3,892,933 shares. The stock had previously closed at $3.82.

Borr Drilling Price Performance

The company has a 50 day simple moving average of $3.82 and a 200-day simple moving average of $5.09. The stock has a market cap of $902.97 million, a price-to-earnings ratio of 10.83 and a beta of 2.89. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results 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). Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%. The firm had revenue of $241.60 million during the quarter.

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 issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Friday, November 29th. Borr Drilling’s payout ratio is 30.30%.

Hedge Funds Weigh In On Borr Drilling

Several hedge funds have recently modified their holdings of BORR. HITE Hedge Asset Management LLC bought a new position in Borr Drilling during the third quarter worth about $4,214,000. Cubist Systematic Strategies LLC bought a new position in Borr Drilling during the second quarter worth 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 purchasing an additional 248,482 shares during the period. Renaissance Technologies LLC bought a new position in Borr Drilling during the second quarter worth about $1,469,000. Finally, Goehring & Rozencwajg Associates LLC grew its holdings in Borr Drilling by 10.7% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after purchasing an additional 94,300 shares during the period. 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.