Borr Drilling (NYSE:BORR) Trading Down 4% – Here’s What Happened

Borr Drilling Limited (NYSE:BORR) shares fell 4% during trading on Tuesday . The stock traded as low as $2.30 and last traded at $2.30. 807,894 shares were traded during mid-day trading, a decline of 75% from the average session volume of 3,240,969 shares. The stock had previously closed at $2.39.

Borr Drilling Stock Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $596.09 million, a PE ratio of 7.38 and a beta of 2.69. The firm’s 50-day moving average price is $2.96 and its two-hundred day moving average price is $3.93.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.01). The firm had revenue of $263.10 million for the quarter, compared to analysts’ expectations of $247.78 million. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%.

Borr Drilling Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.08 dividend on an annualized basis and a yield of 3.39%. Borr Drilling’s payout ratio is presently 31.25%.

Hedge Funds Weigh In On Borr Drilling

A number of large investors have recently made changes to their positions in the business. Sterling Capital Management LLC grew its position in Borr Drilling by 828.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock valued at $30,000 after purchasing an additional 6,775 shares in the last quarter. Natixis acquired a new stake in shares of Borr Drilling during the 4th quarter valued at $58,000. Salvus Wealth Management LLC purchased a new position in shares of Borr Drilling during the 4th quarter valued at $59,000. SBI Securities Co. Ltd. acquired a new position in shares of Borr Drilling in the fourth quarter worth $59,000. Finally, CacheTech Inc. purchased a new stake in shares of Borr Drilling during the fourth quarter worth $81,000. 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.