Borr Drilling (NYSE:BORR) Shares Gap Up - Here's What Happened

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $3.41, but opened at $3.57. Borr Drilling shares last traded at $3.55, with a volume of 961,089 shares.

Borr Drilling Trading Up 3.7 %

The business's 50 day simple moving average is $3.68 and its 200 day simple moving average is $4.80. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $882.77 million, a price-to-earnings ratio of 10.59 and a beta of 2.84.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%. The company had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling's payout ratio is 30.30%.

Hedge Funds Weigh In On Borr Drilling

A number of large investors have recently modified their holdings of the business. FMR LLC boosted its holdings in Borr Drilling by 0.4% during the third quarter. FMR LLC now owns 7,668,451 shares of the company's stock worth $42,108,000 after buying an additional 28,587 shares in the last quarter. State Street Corp boosted its stake in shares of Borr Drilling by 0.6% during the 3rd quarter. State Street Corp now owns 3,905,259 shares of the company's stock worth $21,440,000 after acquiring an additional 22,800 shares in the last quarter. De Lisle Partners LLP grew its holdings in shares of Borr Drilling by 1.9% in the 3rd quarter. De Lisle Partners LLP now owns 1,571,424 shares of the company's stock worth $8,619,000 after acquiring an additional 30,000 shares during the period. HITE Hedge Asset Management LLC purchased a new position in Borr Drilling in the 3rd quarter valued at approximately $4,214,000. Finally, Barclays PLC raised its holdings in Borr Drilling by 52.9% during 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. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.