Borr Drilling (NYSE:BORR) Shares Gap Up – Time to Buy?

Shares of Borr Drilling Limited (NYSE:BORR) gapped up before the market opened on Tuesday . The stock had previously closed at $2.28, but opened at $2.35. Borr Drilling shares last traded at $2.36, with a volume of 258,518 shares traded.

Borr Drilling Price Performance

The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41. The stock’s 50-day moving average is $3.05 and its two-hundred day moving average is $4.01. The stock has a market cap of $609.99 million, a PE ratio of 7.55 and a beta of 2.69.

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 analysts’ consensus estimates of $0.11 by ($0.01). The company 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were paid a $0.02 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.08 annualized dividend and a yield of 3.31%. Borr Drilling’s dividend payout ratio is currently 31.25%.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently bought and sold shares of BORR. ProShare Advisors LLC increased its holdings in shares of Borr Drilling by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 66,765 shares of the company’s stock valued at $260,000 after acquiring an additional 21,967 shares during the period. Millennium Management LLC purchased a new position in Borr Drilling in the fourth quarter valued at about $1,320,000. Linden Advisors LP acquired a new position in Borr Drilling during the fourth quarter worth $6,321,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Borr Drilling in the 4th quarter worth about $4,122,000. Finally, Lloyd Harbor Capital Management LLC acquired a new stake in shares of Borr Drilling in the fourth quarter valued at approximately $5,220,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.