Borr Drilling (NYSE:BORR) Trading Up 6.3% – Still a Buy?

Borr Drilling Limited (NYSE:BORR)’s share price rose 6.3% on Wednesday . The stock traded as high as $2.48 and last traded at $2.47. Approximately 745,871 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 5,835,104 shares. The stock had previously closed at $2.32.

Borr Drilling Price Performance

The stock has a market capitalization of $609.99 million, a price-to-earnings ratio of 7.55 and a beta of 2.69. The company’s 50-day simple moving average is $3.02 and its 200-day simple moving average is $4.00. 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 released its quarterly earnings results on Wednesday, February 19th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.01). Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The firm had revenue of $263.10 million for the quarter, compared to analyst estimates of $247.78 million.

Borr Drilling Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Monday, March 3rd were paid a $0.02 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.08 annualized dividend and a dividend yield of 3.31%. Borr Drilling’s dividend payout ratio (DPR) is presently 31.25%.

Institutional Trading of Borr Drilling

Several hedge funds and other institutional investors have recently bought and sold shares of BORR. ProShare Advisors LLC grew its position in shares of Borr Drilling by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 66,765 shares of the company’s stock worth $260,000 after purchasing an additional 21,967 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Borr Drilling in the fourth quarter valued at approximately $1,320,000. Linden Advisors LP bought a new stake in shares of Borr Drilling in the fourth quarter valued at approximately $6,321,000. Lighthouse Investment Partners LLC acquired a new stake in Borr Drilling during the fourth quarter worth approximately $4,122,000. Finally, Lloyd Harbor Capital Management LLC bought a new position in Borr Drilling during the 4th quarter worth $5,220,000. 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.