Borr Drilling (NYSE:BORR) Shares Gap Up – Here’s Why

Borr Drilling Limited (NYSE:BORR) gapped up before the market opened on Thursday . The stock had previously closed at $3.98, but opened at $4.15. Borr Drilling shares last traded at $4.17, with a volume of 4,688,001 shares traded.

Wall Street Analyst Weigh In

Separately, Evercore ISI upgraded shares of Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price target on the stock in a research 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 firm has a market cap of $631.35 million, a price-to-earnings ratio of 12.61 and a beta of 3.01. The company’s 50-day moving average is $5.04 and its 200-day moving average is $5.83.

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 analysts’ consensus estimates of $0.09 by ($0.05). Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%. The company had revenue of $241.60 million during the quarter.

Borr Drilling Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.02 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a yield of 1.93%. Borr Drilling’s dividend payout ratio is currently 30.30%.

Institutional Trading of Borr Drilling

A number of hedge funds have recently added to or reduced their stakes in BORR. Xponance Inc. raised its stake in shares of Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after acquiring an additional 1,767 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Borr Drilling by 8.5% during the first quarter. ProShare Advisors LLC now owns 39,513 shares of the company’s stock valued at $271,000 after acquiring an additional 3,110 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Borr Drilling by 4.5% during the first quarter. Bleakley Financial Group LLC now owns 90,901 shares of the company’s stock valued at $623,000 after acquiring an additional 3,874 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Borr Drilling by 6.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock worth $454,000 after buying an additional 4,520 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in Borr Drilling during the second quarter worth $30,000. Institutional investors and hedge funds 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.