Borr Drilling (NYSE:BORR) Shares Gap Down – Here’s What Happened

Shares of Borr Drilling Limited (NYSE:BORR) gapped down prior to trading on Friday . The stock had previously closed at $3.66, but opened at $3.52. Borr Drilling shares last traded at $3.56, with a volume of 837,024 shares trading hands.

Analysts Set New Price Targets

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 Price Performance

The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The company’s 50 day simple moving average is $4.14 and its 200 day simple moving average is $5.43. The company has a market capitalization of $541.38 million, a PE ratio of 10.76 and a beta of 2.95.

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

Borr Drilling Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.02 per share. The ex-dividend date was Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.25%. Borr Drilling’s dividend payout ratio (DPR) is presently 30.30%.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its position in Borr Drilling by 28.0% in 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 buying an additional 180,910 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Borr Drilling by 31.7% in the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock valued at $184,000 after acquiring an additional 8,054 shares in the last quarter. Goehring & Rozencwajg Associates LLC increased its stake in shares of 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 acquiring an additional 94,300 shares during the period. Intech Investment Management LLC purchased a new position in Borr Drilling during the third quarter worth about $303,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Borr Drilling during the 2nd quarter worth approximately $1,469,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.