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 report issued on Friday, MarketBeat Ratings reports. The firm currently has $9.00 price target on the stock.

Borr Drilling Stock Performance

Shares of NYSE:BORR opened at $5.60 on Friday. The business’s 50 day moving average price is $6.20 and its 200-day moving average price is $6.19. Borr Drilling has a 1 year low of $5.09 and a 1 year high of $7.80. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market capitalization of $853.24 million, a PE ratio of 32.91 and a beta of 3.00.

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

Borr Drilling Announces Dividend

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

Institutional Trading of Borr Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital International Investors raised its stake in Borr Drilling by 35.4% during the first quarter. Capital International Investors now owns 17,608,781 shares of the company’s stock worth $116,834,000 after purchasing an additional 4,601,527 shares during the period. Bank of New York Mellon Corp raised its stake in Borr Drilling by 28.0% during the second quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock worth $5,335,000 after purchasing an additional 180,910 shares during the period. Capital International Inc. CA raised its stake in Borr Drilling by 19.5% during the first quarter. Capital International Inc. CA now owns 2,646,820 shares of the company’s stock worth $18,131,000 after purchasing an additional 431,861 shares during the period. Covestor Ltd increased its position in shares of Borr Drilling by 31,600.0% during the first quarter. Covestor Ltd now owns 5,706 shares of the company’s stock valued at $39,000 after acquiring an additional 5,688 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Borr Drilling by 16.2% during the first quarter. Principal Financial Group Inc. now owns 29,567 shares of the company’s stock valued at $203,000 after acquiring an additional 4,125 shares during the last quarter. 83.12% of the stock is 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.