Borr Drilling (NYSE:BORR) Stock Price Down 5.4%

Borr Drilling Limited (NYSE:BORR)’s stock price dropped 5.4% during mid-day trading on Thursday . The company traded as low as $5.41 and last traded at $5.42. Approximately 2,011,429 shares were traded during trading, a decline of 5% from the average daily volume of 2,111,417 shares. The stock had previously closed at $5.73.

Analysts Set New Price Targets

Separately, Evercore ISI reduced their price objective on Borr Drilling from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Friday, February 23rd.

Borr Drilling Stock Performance

The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.65. The stock has a market cap of $840.98 million, a price-to-earnings ratio of 68.95 and a beta of 3.02. The stock’s 50 day moving average is $6.31 and its two-hundred day moving average is $6.50.

Borr Drilling (NYSE:BORR) last announced its earnings results on Thursday, February 22nd. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. Borr Drilling had a net margin of 2.86% and a return on equity of 2.38%. The business had revenue of $220.60 million during the quarter.

Borr Drilling Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $0.60 dividend on an annualized basis and a yield of 10.88%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC purchased a new position in Borr Drilling in the 3rd quarter valued at $900,000. Barclays PLC boosted its holdings in shares of Borr Drilling by 68.0% in the third quarter. Barclays PLC now owns 2,423,679 shares of the company’s stock valued at $17,208,000 after acquiring an additional 981,153 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in shares of Borr Drilling by 1,966.8% in the third quarter. Kestra Advisory Services LLC now owns 206,680 shares of the company’s stock valued at $1,467,000 after acquiring an additional 196,680 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Borr Drilling by 32.3% during the third quarter. O Shaughnessy Asset Management LLC now owns 14,415 shares of the company’s stock worth $102,000 after purchasing an additional 3,519 shares in the last quarter. Finally, Tudor Investment Corp Et Al raised its holdings in Borr Drilling by 15.2% during the third quarter. Tudor Investment Corp Et Al now owns 389,183 shares of the company’s stock worth $2,763,000 after purchasing an additional 51,418 shares in the last quarter. 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.