Borr Drilling (NYSE:BORR) Trading Up 6.3% – What’s Next?

Borr Drilling Limited (NYSE:BORR) shares shot up 6.3% during mid-day trading on Wednesday . The company traded as high as $2.48 and last traded at $2.47. 745,871 shares changed hands during trading, a decline of 87% from the average session volume of 5,835,104 shares. The stock had previously closed at $2.32.

Borr Drilling Stock Performance

The stock has a 50 day moving average of $3.08 and a 200 day moving average of $4.02. The company has a market capitalization of $615.04 million, a price-to-earnings ratio of 7.61 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 announced its 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). Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The firm had revenue of $263.10 million for the quarter, compared to the consensus estimate of $247.78 million.

Borr Drilling Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd will be paid a $0.02 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.08 annualized dividend and a dividend yield of 3.29%. Borr Drilling’s dividend payout ratio is currently 31.25%.

Institutional Investors Weigh In On Borr Drilling

Several hedge funds and other institutional investors have recently bought and sold shares of BORR. SG Americas Securities LLC increased its position in Borr Drilling by 6.9% in the 4th quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock valued at $332,000 after buying an additional 5,500 shares in the last quarter. X Square Capital LLC lifted its holdings in shares of Borr Drilling by 3.2% in the 4th quarter. X Square Capital LLC now owns 183,434 shares of the company’s stock worth $715,000 after purchasing an additional 5,707 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Borr Drilling by 828.2% in the 4th quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock worth $30,000 after purchasing an additional 6,775 shares in the last quarter. JPMorgan Chase & Co. grew its position in 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 during the period. Finally, MetLife Investment Management LLC raised its holdings in Borr Drilling by 6.3% during the fourth quarter. MetLife Investment Management LLC now owns 146,500 shares of the company’s stock worth $571,000 after buying an additional 8,698 shares during the last quarter. 83.12% of the stock is 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.