Borr Drilling Limited (NYSE:BORR - Get Free Report) shot up 6% during mid-day trading on Friday . The stock traded as high as $3.91 and last traded at $3.91. 523,857 shares traded hands during trading, a decline of 77% from the average session volume of 2,298,229 shares. The stock had previously closed at $3.69.
Wall Street Analysts Forecast Growth
Separately, Evercore ISI raised Borr Drilling from an "in-line" rating to an "outperform" rating and set a $9.00 price objective on the stock in a research note on Friday, September 13th.
Read Our Latest Stock Report on BORR
Borr Drilling Trading Up 1.1 %
The company has a market cap of $568.83 million, a P/E ratio of 11.30 and a beta of 2.95. The firm's 50 day moving average is $4.27 and its two-hundred day moving average is $5.51. 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 announced its earnings results 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 during the quarter.
Borr Drilling Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.08 annualized dividend and a dividend yield of 2.14%. Borr Drilling's payout ratio is 30.30%.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of BORR. Point72 DIFC Ltd bought a new position in Borr Drilling in the 2nd quarter valued at about $30,000. Signaturefd LLC raised its stake in shares of Borr Drilling by 666.6% in the second quarter. Signaturefd LLC now owns 7,865 shares of the company's stock worth $51,000 after purchasing an additional 6,839 shares during the last quarter. Xponance Inc. raised its stake in shares of Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company's stock worth $97,000 after purchasing an additional 1,767 shares during the last quarter. Sei Investments Co. bought a new position in shares of Borr Drilling in the second quarter valued at approximately $99,000. Finally, SCP Investment LP purchased a new position in shares of Borr Drilling during the third quarter valued at approximately $158,000. Institutional investors and hedge funds own 83.12% of the company's stock.
About Borr Drilling
(
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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.
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