Borr Drilling (NYSE:BORR) Shares Gap Down - Here's Why

Borr Drilling Limited (NYSE:BORR - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $5.07, but opened at $4.94. Borr Drilling shares last traded at $4.87, with a volume of 522,097 shares.

Analysts Set New Price Targets

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

Borr Drilling Trading Down 6.4 %

The stock has a market cap of $723.61 million, a PE ratio of 27.91 and a beta of 2.99. 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 business has a 50-day moving average of $5.69 and a 200 day moving average of $6.00.

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

Borr Drilling Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 22nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 8.43%. The ex-dividend date of this dividend was Thursday, August 22nd. Borr Drilling's dividend payout ratio (DPR) is 58.82%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. lifted its position in Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company's stock valued at $97,000 after buying an additional 1,767 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Borr Drilling by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 39,513 shares of the company's stock valued at $271,000 after acquiring an additional 3,110 shares in the last quarter. Bleakley Financial Group LLC boosted its position in Borr Drilling by 4.5% during the 1st quarter. Bleakley Financial Group LLC now owns 90,901 shares of the company's stock worth $623,000 after purchasing an additional 3,874 shares during the period. Principal Financial Group Inc. increased its holdings in Borr Drilling by 16.2% in the 1st quarter. Principal Financial Group Inc. now owns 29,567 shares of the company's stock valued at $203,000 after purchasing an additional 4,125 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Borr Drilling by 6.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company's stock valued at $454,000 after purchasing an additional 4,520 shares during the period. Institutional investors and hedge funds 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.