Borr Drilling Limited (NYSE:BORR - Get Free Report) shares rose 2.8% on Monday . The company traded as high as $3.72 and last traded at $3.70. Approximately 1,312,730 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 2,373,318 shares. The stock had previously closed at $3.60.
Wall Street Analysts Forecast Growth
Separately, Evercore ISI upgraded shares of Borr Drilling from an "in-line" rating to an "outperform" rating and set a $9.00 target price for the company in a report on Friday, September 13th.
Get Our Latest Analysis on Borr Drilling
Borr Drilling Stock Up 3.3 %
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 stock has a 50 day simple moving average of $3.96 and a 200-day simple moving average of $5.30. The firm has a market cap of $939.61 million, a PE ratio of 11.27 and a beta of 2.95.
Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share 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 firm had revenue of $241.60 million for the quarter.
Borr Drilling Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $0.02 per share. The ex-dividend date was Friday, November 29th. This represents a $0.08 annualized dividend and a dividend yield of 2.15%. Borr Drilling's payout ratio is 30.30%.
Hedge Funds Weigh In On Borr Drilling
Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in Borr Drilling during the second quarter valued at $30,000. Signaturefd LLC increased its holdings in Borr Drilling by 666.6% during the second quarter. Signaturefd LLC now owns 7,865 shares of the company's stock valued at $51,000 after buying an additional 6,839 shares during the last quarter. Xponance Inc. raised its holdings in Borr Drilling by 13.3% in the 2nd 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 period. Sei Investments Co. bought a new position in shares of Borr Drilling in the second quarter worth about $99,000. Finally, SCP Investment LP purchased a new position in shares of Borr Drilling during the 3rd quarter valued at about $158,000. 83.12% of the stock is owned by institutional investors.
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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