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

Borr Drilling Limited (NYSE:BORR)’s share price gapped up prior to trading on Friday . The stock had previously closed at $4.67, but opened at $4.85. Borr Drilling shares last traded at $4.78, with a volume of 333,252 shares.

Analyst Ratings Changes

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

Borr Drilling Trading Up 1.5 %

The firm has a market cap of $722.85 million, a price-to-earnings ratio of 27.44 and a beta of 2.99. 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 business’s fifty day moving average is $5.58 and its two-hundred day moving average is $5.98.

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

Borr Drilling Dividend Announcement

The firm 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. This represents a $0.40 annualized dividend and a dividend yield of 8.44%. The ex-dividend date of this dividend was Thursday, August 22nd. Borr Drilling’s payout ratio is 58.82%.

Institutional Investors Weigh In On Borr Drilling

Institutional investors have recently made changes to their positions in the stock. Point72 DIFC Ltd bought a new position in Borr Drilling during the second quarter worth about $30,000. Covestor Ltd lifted its stake in Borr Drilling by 31,600.0% in the first quarter. Covestor Ltd now owns 5,706 shares of the company’s stock valued at $39,000 after buying an additional 5,688 shares in the last quarter. Signaturefd LLC increased its position in shares of Borr Drilling by 666.6% during the second quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock worth $51,000 after acquiring an additional 6,839 shares in the last quarter. Ballentine Partners LLC bought a new stake in Borr Drilling in the 1st quarter valued at $88,000. Finally, SG Americas Securities LLC acquired a new position in Borr Drilling in the 1st quarter worth $89,000. 83.12% of the stock is owned by institutional investors and hedge funds.

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.