Borr Drilling (NYSE:BORR) Shares Down 4.4% – Should You Sell?

Shares of Borr Drilling Limited (NYSE:BORR) were down 4.4% during mid-day trading on Thursday . The company traded as low as $3.69 and last traded at $3.69. Approximately 280,372 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,299,704 shares. The stock had previously closed at $3.86.

Analyst Upgrades and Downgrades

Separately, Evercore ISI raised 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 note on Friday, September 13th.

Borr Drilling Stock Down 2.6 %

The firm has a market cap of $573.40 million, a price-to-earnings ratio of 11.70 and a beta of 2.95. The business’s 50-day moving average is $4.35 and its 200-day moving average is $5.55. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

Borr Drilling (NYSE:BORR) last announced its earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The business had revenue of $241.60 million during the quarter. Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%.

Borr Drilling Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.02 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a yield of 2.13%. Borr Drilling’s payout ratio is 30.30%.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors have recently modified their holdings of BORR. Bank of New York Mellon Corp lifted its stake in Borr Drilling by 28.0% in the second quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock valued at $5,335,000 after buying an additional 180,910 shares in the last quarter. Private Advisor Group LLC boosted its position in Borr Drilling by 31.7% during the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock valued at $184,000 after purchasing an additional 8,054 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its holdings in Borr Drilling by 10.7% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after buying an additional 94,300 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Borr Drilling in the third quarter valued at $303,000. Finally, Renaissance Technologies LLC bought a new position in Borr Drilling during the second quarter worth about $1,469,000. 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.