Borr Drilling (NYSE:BORR) Trading Up 6.3% - Here's Why

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares shot up 6.3% during trading on Wednesday . The company traded as high as $2.48 and last traded at $2.47. 745,871 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 5,835,104 shares. The stock had previously closed at $2.32.

Borr Drilling Price Performance

The company has a market cap of $587.25 million, a price-to-earnings ratio of 7.27 and a beta of 2.69. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The stock's 50-day simple moving average is $2.99 and its 200 day simple moving average is $3.95.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.11 by ($0.01). The company had revenue of $263.10 million for the quarter, compared to analyst estimates of $247.78 million. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%.

Borr Drilling Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 3.44%. The ex-dividend date was Monday, March 3rd. Borr Drilling's payout ratio is currently 31.25%.

Institutional Trading of Borr Drilling

Several hedge funds and other institutional investors have recently made changes to their positions in BORR. SG Americas Securities LLC increased its stake in Borr Drilling by 6.9% in the 4th quarter. SG Americas Securities LLC now owns 85,255 shares of the company's stock valued at $332,000 after purchasing an additional 5,500 shares in the last quarter. X Square Capital LLC grew its stake in shares of Borr Drilling by 3.2% during the 4th quarter. X Square Capital LLC now owns 183,434 shares of the company's stock valued at $715,000 after buying an additional 5,707 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Borr Drilling by 828.2% in the 4th quarter. Sterling Capital Management LLC now owns 7,593 shares of the company's stock worth $30,000 after purchasing an additional 6,775 shares during the period. JPMorgan Chase & Co. raised its holdings in Borr Drilling by 1.8% in the third quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company's stock valued at $2,377,000 after buying an additional 7,682 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in shares of Borr Drilling by 6.3% during the 4th quarter. MetLife Investment Management LLC now owns 146,500 shares of the company's stock valued at $571,000 after acquiring an additional 8,698 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company's stock.

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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.