Borr Drilling (NYSE:BORR) Shares Gap Up – Time to Buy?

Borr Drilling Limited (NYSE:BORR)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.28, but opened at $2.35. Borr Drilling shares last traded at $2.36, with a volume of 258,518 shares.

Borr Drilling Stock Up 4.1 %

The company has a 50 day simple moving average of $3.05 and a two-hundred day simple moving average of $4.01. The company has a market capitalization of $609.99 million, a P/E ratio of 7.55 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.

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

Borr Drilling Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.02 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 3.31%. Borr Drilling’s dividend payout ratio is presently 31.25%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC lifted its position in Borr Drilling by 6.9% during the 4th quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock worth $332,000 after acquiring an additional 5,500 shares during the period. X Square Capital LLC increased its position in shares of Borr Drilling by 3.2% in the fourth 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 in the last quarter. Sterling Capital Management LLC increased its holdings in 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 acquiring an additional 6,775 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Borr Drilling by 1.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock worth $2,377,000 after purchasing an additional 7,682 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Borr Drilling by 6.3% in the fourth 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.

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.