Borr Drilling (NYSE:BORR) Trading Up 5.3% – Here’s Why

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

Borr Drilling Stock Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The stock has a market cap of $518.02 million, a price-to-earnings ratio of 6.66 and a beta of 2.69. The company’s 50-day simple moving average is $2.78 and its 200-day simple moving average is $3.79.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). The business had revenue of $263.10 million for 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%.

Borr Drilling Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new stake in Borr Drilling in the 3rd quarter valued at $303,000. Charles Schwab Investment Management Inc. raised its holdings in Borr Drilling by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 570,909 shares of the company’s stock worth $3,134,000 after purchasing an additional 9,976 shares during the last quarter. FMR LLC raised its stake in shares of Borr Drilling by 0.4% during the third quarter. FMR LLC now owns 7,668,451 shares of the company’s stock worth $42,108,000 after buying an additional 28,587 shares during the last quarter. State Street Corp boosted its position in shares of Borr Drilling by 0.6% in the 3rd quarter. State Street Corp now owns 3,905,259 shares of the company’s stock worth $21,440,000 after purchasing an additional 22,800 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Borr Drilling during the 3rd quarter worth about $443,000. 83.12% of the stock is owned by 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.