Borr Drilling (NYSE:BORR) Shares Gap Up - Should You Buy?

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares gapped up before the market opened on Thursday . 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.

Borr Drilling Stock Performance

The stock has a market capitalization of $743.85 million, a PE ratio of 9.20 and a beta of 2.84. The business's fifty day moving average is $3.56 and its two-hundred day 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 - Get Free Report) last posted 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). The business had revenue of $263.10 million during the quarter, compared to the consensus estimate 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 disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.08 dividend on an annualized basis and a yield of 2.72%. Borr Drilling's dividend payout ratio (DPR) is presently 31.25%.

Hedge Funds Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently modified their holdings of BORR. SG Americas Securities LLC raised its holdings in Borr Drilling by 6.9% during the 4th quarter. SG Americas Securities LLC now owns 85,255 shares of the company's stock valued at $332,000 after buying an additional 5,500 shares during the period. X Square Capital LLC increased its position in Borr Drilling by 3.2% during the fourth quarter. X Square Capital LLC now owns 183,434 shares of the company's stock valued at $715,000 after acquiring an additional 5,707 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Borr Drilling by 828.2% in the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company's stock valued at $30,000 after acquiring an additional 6,775 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Borr Drilling by 1.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company's stock worth $2,377,000 after acquiring an additional 7,682 shares during the last quarter. Finally, Private Advisor Group LLC lifted its holdings in shares of Borr Drilling by 31.7% in the 3rd quarter. Private Advisor Group LLC now owns 33,443 shares of the company's stock worth $184,000 after acquiring an additional 8,054 shares during the last quarter. Hedge funds and other 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.