Borr Drilling (NYSE:BORR) Shares Gap Up – Still a Buy?

Shares of 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.

Borr Drilling Trading Up 1.1 %

The business has a 50 day moving average of $3.11 and a two-hundred day moving average of $4.05. The firm has a market cap of $582.20 million, a P/E ratio of 7.23 and a beta of 2.69. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last announced its 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). The company had revenue of $263.10 million for the quarter, compared to the consensus estimate 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 announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.02 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 3.47%. Borr Drilling’s dividend payout ratio (DPR) is currently 31.25%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SCP Investment LP bought a new stake in shares of Borr Drilling in the third quarter valued at about $158,000. Intech Investment Management LLC bought a new stake in Borr Drilling in the 3rd quarter valued at about $303,000. Charles Schwab Investment Management Inc. grew its position in shares of 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 in the last quarter. FMR LLC increased its holdings 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 purchasing an additional 28,587 shares during the period. Finally, De Lisle Partners LLP raised its position in shares of Borr Drilling by 1.9% in the third quarter. De Lisle Partners LLP now owns 1,571,424 shares of the company’s stock valued at $8,619,000 after buying an additional 30,000 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

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.