Borr Drilling (NYSE:BORR) Shares Gap Up Following Dividend Announcement

Borr Drilling Limited (NYSE:BORR)’s share price gapped up prior to trading on Thursday after the company announced a dividend. The stock had previously closed at $2.98, but opened at $3.20. Borr Drilling shares last traded at $2.94, with a volume of 2,712,198 shares changing hands.

The newly announced dividend which will be paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.02 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.08 annualized dividend and a yield of 2.72%. Borr Drilling’s dividend payout ratio is presently 31.25%.

Borr Drilling Stock Down 3.4 %

The company has a market capitalization of $743.85 million, a P/E ratio of 9.20 and a beta of 2.84. 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 fifty day simple moving average of $3.56 and a 200-day simple moving average of $4.50.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, February 19th. The company reported $0.10 earnings per share (EPS) 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 business had revenue of $263.10 million for the quarter, compared to the consensus estimate of $247.78 million.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC boosted its stake in 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 during the period. Natixis acquired a new position in shares of Borr Drilling during the fourth quarter worth about $58,000. Salvus Wealth Management LLC acquired a new position in shares of Borr Drilling during the fourth quarter worth about $59,000. SBI Securities Co. Ltd. bought a new position in shares of Borr Drilling during the fourth quarter worth about $59,000. Finally, CacheTech Inc. acquired a new stake in Borr Drilling in the 4th quarter valued at approximately $81,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.