Borr Drilling (NYSE:BORR) Shares Gap Up After Dividend Announcement

Borr Drilling Limited (NYSE:BORR) gapped up prior to trading on Thursday after the company announced a dividend. The stock had previously closed at $2.98, but opened at $3.20. Borr Drilling shares last traded at $2.94, with a volume of 2,712,198 shares traded.

The newly announced dividend which will be paid on Wednesday, March 19th. Investors of record on Monday, March 3rd will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Monday, March 3rd. Borr Drilling’s dividend payout ratio is currently 31.25%.

Borr Drilling Stock Down 3.4 %

The stock has a market cap of $743.85 million, a P/E ratio of 9.20 and a beta of 2.84. The firm has a 50 day simple moving average of $3.56 and a two-hundred day simple moving average of $4.50. 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 posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.01). The company had revenue of $263.10 million during the quarter, compared to analyst estimates of $247.78 million. Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%.

Institutional Trading of Borr Drilling

Institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its holdings in Borr Drilling by 52.9% during the third quarter. Barclays PLC now owns 718,537 shares of the company’s stock worth $3,944,000 after purchasing an additional 248,482 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Borr Drilling by 31.7% during the 3rd 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 period. JPMorgan Chase & Co. raised its stake in shares of Borr Drilling by 1.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock worth $2,377,000 after buying an additional 7,682 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Borr Drilling in the third quarter valued at $303,000. Finally, Janney Montgomery Scott LLC bought a new position in Borr Drilling during the fourth quarter valued at about $130,000. 83.12% of the stock is 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.