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

Borr Drilling Limited (NYSE:BORR) gapped up before the market opened 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 changing hands.

Borr Drilling Price Performance

The company’s 50 day simple moving average is $3.11 and its 200 day simple moving average is $4.05. 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 stock has a market cap of $582.20 million, a P/E ratio of 7.23 and a beta of 2.69.

Borr Drilling (NYSE:BORR) last issued 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). Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The business had revenue of $263.10 million for the quarter, compared to analyst estimates of $247.78 million.

Borr Drilling Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 3.47%. The ex-dividend date is Monday, March 3rd. Borr Drilling’s payout ratio is 31.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC grew its stake in Borr Drilling by 828.2% in the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock valued at $30,000 after purchasing an additional 6,775 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Borr Drilling during the fourth quarter worth $59,000. Salvus Wealth Management LLC bought a new stake in Borr Drilling during the fourth quarter worth $59,000. Natixis acquired a new stake in Borr Drilling in the fourth quarter valued at $58,000. Finally, CacheTech Inc. bought a new position in shares of Borr Drilling in the 4th quarter valued at about $81,000. 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.