Borr Drilling (NYSE:BORR) Shares Gap Up - Here's What Happened

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $4.67, but opened at $4.85. Borr Drilling shares last traded at $4.78, with a volume of 333,252 shares trading hands.

Analysts Set New Price Targets

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

Borr Drilling Stock Up 0.6 %

The company has a 50-day moving average of $5.58 and a 200-day moving average of $5.98. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.75. The company has a market capitalization of $716.75 million, a price-to-earnings ratio of 27.88 and a beta of 2.99.

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

Borr Drilling Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.40 annualized dividend and a dividend yield of 8.51%. Borr Drilling's payout ratio is currently 58.82%.

Hedge Funds Weigh In On Borr Drilling

Several hedge funds have recently made changes to their positions in BORR. Point72 DIFC Ltd purchased a new stake in Borr Drilling during the 2nd quarter valued at about $30,000. Covestor Ltd raised its position in Borr Drilling by 31,600.0% during the 1st quarter. Covestor Ltd now owns 5,706 shares of the company's stock worth $39,000 after buying an additional 5,688 shares during the last quarter. Signaturefd LLC lifted its stake in Borr Drilling by 666.6% during the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company's stock valued at $51,000 after acquiring an additional 6,839 shares during the period. Ballentine Partners LLC acquired a new stake in Borr Drilling during the 1st quarter valued at approximately $88,000. Finally, SG Americas Securities LLC purchased a new stake in Borr Drilling in the first quarter valued at $89,000. 83.12% of the stock is owned by institutional investors and hedge funds.

About Borr Drilling

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.