Borr Drilling (NYSE:BORR) Sets New 12-Month Low - Here's What Happened

Shares of Borr Drilling Limited (NYSE:BORR - Get Free Report) reached a new 52-week low during trading on Tuesday . The company traded as low as $5.09 and last traded at $5.13, with a volume of 912287 shares traded. The stock had previously closed at $5.29.

Wall Street Analyst Weigh In

Separately, Evercore ISI upgraded shares of Borr Drilling from an "in-line" rating to an "outperform" rating and set a $9.00 price objective on the stock in a report on Friday, September 13th.

Borr Drilling Stock Performance

The company's fifty day simple moving average is $5.76 and its two-hundred day simple moving average is $6.03. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a market capitalization of $777.75 million, a P/E ratio of 30.00 and a beta of 2.99.

Borr Drilling (NYSE:BORR - Get Free Report) last announced its earnings results on Wednesday, August 14th. The company reported $0.12 earnings per share for the quarter. The company had revenue of $271.90 million for the quarter. Borr Drilling had a return on equity of 7.69% and a net margin of 8.15%.

Borr Drilling Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.84%. The ex-dividend date was Thursday, August 22nd. Borr Drilling's dividend payout ratio is currently 58.82%.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors boosted its holdings in Borr Drilling by 35.4% in the 1st quarter. Capital International Investors now owns 17,608,781 shares of the company's stock valued at $116,834,000 after purchasing an additional 4,601,527 shares during the period. Vanguard Group Inc. grew its position in Borr Drilling by 2.2% during the first quarter. Vanguard Group Inc. now owns 9,473,089 shares of the company's stock worth $64,891,000 after buying an additional 202,118 shares in the last quarter. Capital International Inc. CA increased its stake in Borr Drilling by 19.5% during the 1st quarter. Capital International Inc. CA now owns 2,646,820 shares of the company's stock worth $18,131,000 after acquiring an additional 431,861 shares during the period. Goehring & Rozencwajg Associates LLC raised its holdings in Borr Drilling by 10.7% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company's stock valued at $6,289,000 after acquiring an additional 94,300 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Borr Drilling by 28.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company's stock valued at $5,335,000 after acquiring an additional 180,910 shares during the period. 83.12% of the stock is currently owned by institutional investors and hedge funds.

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.