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

Borr Drilling Limited (NYSE:BORR)’s share price gapped down before the market opened on Friday . The stock had previously closed at $3.74, but opened at $3.58. Borr Drilling shares last traded at $3.59, with a volume of 1,734,763 shares.

Analysts Set New Price Targets

Separately, Evercore ISI upgraded shares of Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 target price for the company in a research note on Friday, September 13th.

Borr Drilling Trading Down 2.9 %

The business has a 50 day simple moving average of $3.99 and a 200 day simple moving average of $5.34. 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 has a market cap of $916.87 million, a price-to-earnings ratio of 11.00 and a beta of 2.95.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share (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 business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a dividend of $0.02 per share. The ex-dividend date was Friday, November 29th. This represents a $0.08 annualized dividend and a dividend yield of 2.20%. Borr Drilling’s dividend payout ratio (DPR) is currently 30.30%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd acquired a new stake in shares of Borr Drilling in the 2nd quarter valued at $30,000. Signaturefd LLC boosted its holdings in Borr Drilling by 666.6% in the second 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 last quarter. Xponance Inc. increased its position in Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after purchasing an additional 1,767 shares during the period. Sei Investments Co. bought a new stake in Borr Drilling during the 2nd quarter worth about $99,000. Finally, SCP Investment LP acquired a new position in Borr Drilling during the 3rd quarter valued at about $158,000. Institutional investors own 83.12% of the company’s stock.

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.