Borr Drilling (NYSE:BORR) Trading Up 5.3% – Here’s Why

Borr Drilling Limited (NYSE:BORR) shares traded up 5.3% on Tuesday . The stock traded as high as $2.32 and last traded at $2.31. 1,495,658 shares were traded during mid-day trading, a decline of 73% from the average session volume of 5,491,394 shares. The stock had previously closed at $2.19.

Borr Drilling Stock Up 3.9 %

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. The stock’s 50-day moving average price is $2.83 and its 200-day moving average price is $3.82. The company has a market cap of $557.21 million, a P/E ratio of 7.11 and a beta of 2.69.

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

Borr Drilling Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend was Monday, March 3rd. Borr Drilling’s payout ratio is presently 31.25%.

Hedge Funds Weigh In On Borr Drilling

Several large investors have recently added to or reduced their stakes in BORR. Barclays PLC raised its stake in shares of Borr Drilling by 52.9% in the third quarter. Barclays PLC now owns 718,537 shares of the company’s stock worth $3,944,000 after purchasing an additional 248,482 shares during the last quarter. Tejara Capital Ltd increased its stake in Borr Drilling by 46.8% in the 4th quarter. Tejara Capital Ltd now owns 2,201,589 shares of the company’s stock valued at $8,418,000 after buying an additional 701,478 shares during the last quarter. Rovida Investment Management Ltd purchased a new position in shares of Borr Drilling in the 4th quarter worth approximately $5,070,000. HighTower Advisors LLC bought a new stake in Borr Drilling during the fourth quarter worth $920,000. Finally, SBI Securities Co. Ltd. purchased a new position in Borr Drilling in the fourth quarter worth $59,000. Institutional investors 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.