Borr Drilling (NYSE:BORR) Shares Gap Down – What’s Next?

Borr Drilling Limited (NYSE:BORR) gapped down prior to trading on Tuesday . The stock had previously closed at $5.07, but opened at $4.94. Borr Drilling shares last traded at $4.87, with a volume of 522,097 shares trading hands.

Analysts Set New Price Targets

Separately, Evercore ISI raised shares of Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 target price for the company in a research report on Friday, September 13th.

Borr Drilling Stock Down 4.5 %

The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.75. The stock’s 50-day simple moving average is $5.69 and its 200 day simple moving average is $6.00. The firm has a market cap of $738.10 million, a P/E ratio of 28.47 and a beta of 2.99.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, August 14th. The company reported $0.12 earnings per share for the quarter. Borr Drilling had a net margin of 8.15% and a return on equity of 7.69%. The firm had revenue of $271.90 million for the quarter.

Borr Drilling Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Thursday, August 22nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.40 annualized dividend and a dividend yield of 8.26%. Borr Drilling’s dividend payout ratio is currently 58.82%.

Institutional Investors Weigh In On Borr Drilling

Hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Borr Drilling in the 4th quarter valued at about $202,000. Ballentine Partners LLC purchased a new position in Borr Drilling in the 1st quarter valued at approximately $88,000. Principal Financial Group Inc. raised its holdings in Borr Drilling by 16.2% during the 1st quarter. Principal Financial Group Inc. now owns 29,567 shares of the company’s stock valued at $203,000 after acquiring an additional 4,125 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Borr Drilling during the first quarter worth $468,000. Finally, GSA Capital Partners LLP boosted its holdings in shares of Borr Drilling by 17.9% in the first quarter. GSA Capital Partners LLP now owns 280,584 shares of the company’s stock worth $1,922,000 after acquiring an additional 42,650 shares during the period. 83.12% of the stock is currently 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.