Borr Drilling (NYSE:BORR) Stock Rating Upgraded by Evercore ISI

Evercore ISI upgraded shares of Borr Drilling (NYSE:BORR) from an in-line rating to an outperform rating in a research note published on Friday, MarketBeat.com reports. The brokerage currently has $9.00 target price on the stock.

Borr Drilling Price Performance

Shares of NYSE BORR opened at $5.60 on Friday. The stock has a market cap of $853.24 million, a price-to-earnings ratio of 32.91 and a beta of 3.00. Borr Drilling has a 52 week low of $5.09 and a 52 week high of $7.80. The company’s 50-day moving average price is $6.20 and its 200 day moving average price is $6.19. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.75.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $0.12 EPS for the quarter. The firm had revenue of $271.90 million for the quarter. Borr Drilling had a net margin of 8.15% and a return on equity of 7.69%.

Borr Drilling Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 22nd were issued a $0.10 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 7.15%. Borr Drilling’s dividend payout ratio (DPR) is 58.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new position in Borr Drilling in the 2nd quarter valued at about $30,000. Creative Planning lifted its holdings in Borr Drilling by 234.9% in the 2nd quarter. Creative Planning now owns 91,405 shares of the company’s stock valued at $590,000 after purchasing an additional 64,109 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Borr Drilling by 10.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 109,727 shares of the company’s stock worth $708,000 after acquiring an additional 10,375 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Borr Drilling during the 2nd quarter worth about $1,954,000. Finally, Xponance Inc. lifted its holdings in shares of Borr Drilling by 13.3% during the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after acquiring an additional 1,767 shares during the period. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

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.