Borr Drilling (NYSE:BORR) Stock Price Down 4.5% – What’s Next?

Borr Drilling Limited (NYSE:BORR)’s stock price dropped 4.5% during trading on Thursday . The stock traded as low as $3.64 and last traded at $3.65. Approximately 990,752 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 3,892,933 shares. The stock had previously closed at $3.82.

Borr Drilling Stock Performance

The stock has a 50 day simple moving average of $3.80 and a two-hundred day simple moving average of $5.06. The company has a market capitalization of $875.19 million, a price-to-earnings ratio of 10.50 and a beta of 2.89. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a return on equity of 8.50% and a net margin of 8.70%. The business had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling’s dividend payout ratio (DPR) is 30.30%.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new stake in shares of Borr Drilling in the second quarter valued at about $1,469,000. Sei Investments Co. acquired a new position in Borr Drilling during the 2nd quarter worth approximately $99,000. Xponance Inc. increased its position in Borr Drilling by 13.3% during the 2nd 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. Point72 DIFC Ltd purchased a new position in shares of Borr Drilling during the 2nd quarter worth approximately $30,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Borr Drilling in the 2nd quarter valued at approximately $1,954,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.