Borr Drilling (NYSE:BORR) Shares Gap Up to $5.83

Borr Drilling Limited (NYSE:BORR) gapped up prior to trading on Thursday . The stock had previously closed at $5.83, but opened at $6.43. Borr Drilling shares last traded at $6.53, with a volume of 1,634,627 shares.

Analyst Ratings Changes

Separately, Evercore ISI decreased their price target on shares of Borr Drilling from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Friday, February 23rd.

Borr Drilling Price Performance

The stock has a market cap of $994.23 million, a price-to-earnings ratio of 83.39 and a beta of 3.06. The stock’s 50 day moving average price is $5.99 and its two-hundred day moving average price is $6.33. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.65.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $220.60 million for the quarter. Borr Drilling had a net margin of 2.86% and a return on equity of 2.38%.

Borr Drilling Announces Dividend

The company also recently declared a monthly dividend, which was paid on Monday, March 18th. Investors of record on Monday, March 4th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $0.60 annualized dividend and a yield of 9.20%.

Institutional Trading of Borr Drilling

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital International Investors lifted its holdings in Borr Drilling by 35.4% during the first quarter. Capital International Investors now owns 17,608,781 shares of the company’s stock valued at $116,834,000 after purchasing an additional 4,601,527 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Borr Drilling by 2.2% during the first quarter. Vanguard Group Inc. now owns 9,473,089 shares of the company’s stock valued at $64,891,000 after purchasing an additional 202,118 shares in the last quarter. FMR LLC lifted its holdings in Borr Drilling by 171.0% during the third quarter. FMR LLC now owns 3,128,930 shares of the company’s stock valued at $22,215,000 after purchasing an additional 1,974,249 shares in the last quarter. Capital International Inc. CA lifted its holdings in Borr Drilling by 19.5% during the first quarter. Capital International Inc. CA now owns 2,646,820 shares of the company’s stock valued at $18,131,000 after purchasing an additional 431,861 shares in the last quarter. Finally, Fiera Capital Corp lifted its holdings in Borr Drilling by 61.0% during the fourth quarter. Fiera Capital Corp now owns 2,513,733 shares of the company’s stock valued at $18,501,000 after purchasing an additional 952,030 shares in the last quarter. Institutional investors and hedge funds 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.