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

Shares of Borr Drilling Limited (NYSE:BORR) gapped up before the market opened 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. Investors of record on Monday, March 3rd will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.72%. The ex-dividend date is Monday, March 3rd. Borr Drilling’s dividend payout ratio is presently 31.25%.

Borr Drilling Stock Performance

The stock has a market cap of $743.85 million, a price-to-earnings ratio of 9.20 and a beta of 2.84. The company’s 50-day simple moving average is $3.56 and its 200-day simple moving average is $4.50. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last issued 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). The company had revenue of $263.10 million during the quarter, compared to analyst estimates of $247.78 million. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%.

Institutional Trading of Borr Drilling

Several institutional investors and hedge funds have recently bought and sold shares of BORR. SG Americas Securities LLC boosted its holdings in shares of Borr Drilling by 6.9% in the fourth quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock worth $332,000 after buying an additional 5,500 shares during the period. X Square Capital LLC grew its position in Borr Drilling by 3.2% during the 4th quarter. X Square Capital LLC now owns 183,434 shares of the company’s stock worth $715,000 after purchasing an additional 5,707 shares in the last quarter. Sterling Capital Management LLC raised its stake in Borr Drilling by 828.2% during the 4th 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 during the period. JPMorgan Chase & Co. lifted its holdings in shares of Borr Drilling by 1.8% in the third quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock valued at $2,377,000 after purchasing an additional 7,682 shares in the last quarter. Finally, Private Advisor Group LLC boosted its position in shares of Borr Drilling by 31.7% in the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock worth $184,000 after buying an additional 8,054 shares during the period. Institutional investors and hedge funds own 83.12% of the company’s stock.

About Borr Drilling

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.