Borr Drilling (NYSE:BORR) Stock Price Down 6.3% – Here’s Why

Borr Drilling Limited (NYSE:BORR) traded down 6.3% during trading on Thursday . The company traded as low as $4.10 and last traded at $4.13. 1,885,666 shares were traded during trading, a decline of 8% from the average session volume of 2,057,529 shares. The stock had previously closed at $4.41.

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 objective for the company in a report on Friday, September 13th.

Borr Drilling Trading Down 7.7 %

The firm has a market cap of $620.68 million, a PE ratio of 14.00 and a beta of 3.01. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.75. The firm has a 50 day moving average of $5.23 and a 200 day moving average of $5.89.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, August 14th. The company reported $0.12 earnings per share for the quarter. Borr Drilling had a return on equity of 7.69% and a net margin of 8.15%. The business had revenue of $271.90 million during the quarter.

Borr Drilling Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 9.83%. The ex-dividend date was Thursday, August 22nd. Borr Drilling’s dividend payout ratio (DPR) is currently 34.48%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BORR. Janney Montgomery Scott LLC bought a new stake in Borr Drilling in the 1st quarter worth approximately $468,000. SG Americas Securities LLC bought a new position in Borr Drilling during the 1st quarter valued at approximately $89,000. Swiss National Bank lifted its holdings in Borr Drilling by 4.1% in the 1st quarter. Swiss National Bank now owns 423,630 shares of the company’s stock worth $2,701,000 after buying an additional 16,810 shares during the period. Susquehanna International Group Ltd. bought a new stake in shares of Borr Drilling in the 1st quarter worth approximately $202,000. Finally, Susquehanna International Securities Ltd. purchased a new position in shares of Borr Drilling during the first quarter valued at approximately $504,000. 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.