Borr Drilling (NYSE:BORR) Shares Gap Up – Should You Buy?

Borr Drilling Limited (NYSE:BORR) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.98, but opened at $4.15. Borr Drilling shares last traded at $4.17, with a volume of 4,688,001 shares changing hands.

Wall Street Analyst Weigh In

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 research report on Friday, September 13th.

Borr Drilling Price Performance

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. The stock has a 50-day moving average of $4.98 and a 200 day moving average of $5.81.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%. The business had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Friday, November 29th. Borr Drilling’s dividend payout ratio is currently 30.30%.

Institutional Trading of Borr Drilling

A number of large investors have recently bought and sold shares of BORR. Xponance Inc. boosted its holdings in shares of Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after acquiring an additional 1,767 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Borr Drilling by 8.5% in the first quarter. ProShare Advisors LLC now owns 39,513 shares of the company’s stock worth $271,000 after acquiring an additional 3,110 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Borr Drilling by 6.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock worth $454,000 after acquiring an additional 4,520 shares during the period. Point72 DIFC Ltd bought a new position in shares of Borr Drilling in the second quarter worth $30,000. Finally, Covestor Ltd boosted its holdings in shares of Borr Drilling by 31,600.0% in the first quarter. Covestor Ltd now owns 5,706 shares of the company’s stock worth $39,000 after acquiring an additional 5,688 shares during the period. 83.12% of the stock is owned by hedge funds and other 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.