Borr Drilling (NYSE:BORR) Stock Price Down 3.7% – Here’s What Happened

Borr Drilling Limited (NYSE:BORR) shares were down 3.7% during mid-day trading on Wednesday . The stock traded as low as $3.50 and last traded at $3.50. Approximately 612,494 shares traded hands during trading, a decline of 86% from the average daily volume of 4,491,565 shares. The stock had previously closed at $3.63.

Borr Drilling Price Performance

The stock has a market capitalization of $882.77 million, a price-to-earnings ratio of 10.59 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. The stock has a 50 day moving average price of $3.75 and a 200-day moving average price of $4.98.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling’s dividend payout ratio (DPR) is presently 30.30%.

Institutional Investors Weigh In On Borr Drilling

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 DIFC Ltd bought a new stake in shares of Borr Drilling in the 2nd quarter worth approximately $30,000. Salvus Wealth Management LLC purchased a new stake in shares of Borr Drilling in the fourth quarter valued at $59,000. Ballentine Partners LLC purchased a new stake in shares of Borr Drilling in the fourth quarter worth approximately $83,000. Westend Capital Management LLC acquired a new position in Borr Drilling in the 4th quarter worth about $86,000. Finally, Xponance Inc. increased its position in Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after buying an additional 1,767 shares during the last quarter. Hedge funds and other institutional investors 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.