Borr Drilling (NYSE:BORR) Trading 5.3% Higher – Here’s What Happened

Borr Drilling Limited (NYSE:BORR)’s share price traded up 5.3% on Tuesday . The company traded as high as $2.32 and last traded at $2.31. 1,495,658 shares traded hands during trading, a decline of 73% from the average session volume of 5,491,394 shares. The stock had previously closed at $2.19.

Borr Drilling Trading Down 7.6 %

The business has a fifty day moving average price of $2.78 and a 200 day moving average price of $3.79. The firm has a market capitalization of $518.02 million, a price-to-earnings ratio of 6.66 and a beta of 2.69. 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 released its quarterly earnings results on Wednesday, February 19th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.01). Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The company had revenue of $263.10 million for the quarter, compared to analyst estimates of $247.78 million.

Borr Drilling Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Monday, March 3rd. Borr Drilling’s dividend payout ratio is presently 31.25%.

Institutional Trading of Borr Drilling

Institutional investors and hedge funds have recently modified their holdings of the business. Encompass Capital Advisors LLC bought a new position in Borr Drilling during the 4th quarter worth $10,718,000. Jane Street Group LLC raised its holdings in shares of Borr Drilling by 842.5% during the fourth quarter. Jane Street Group LLC now owns 1,949,508 shares of the company’s stock valued at $7,603,000 after buying an additional 1,742,670 shares during the last quarter. Linden Advisors LP acquired a new stake in Borr Drilling in the 4th quarter valued at approximately $6,321,000. Renaissance Technologies LLC boosted its position in Borr Drilling by 5,369.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,509,600 shares of the company’s stock worth $5,887,000 after acquiring an additional 1,482,000 shares during the period. Finally, Lloyd Harbor Capital Management LLC acquired a new position in shares of Borr Drilling during the fourth quarter valued at $5,220,000. 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.