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

Shares of Borr Drilling Limited (NYSE:BORR) dropped 3.7% during trading on Wednesday . The stock traded as low as $3.50 and last traded at $3.50. Approximately 612,494 shares were traded 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 Stock Down 5.6 %

The company has a market cap of $865.09 million, a P/E ratio of 10.38 and a beta of 2.89. The firm’s 50 day moving average price is $3.78 and its two-hundred day moving average price is $5.00. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

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

Borr Drilling Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 2.34%. 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in Borr Drilling in the 4th quarter valued at $130,000. SG Americas Securities LLC boosted its stake in Borr Drilling by 6.9% in the fourth quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock valued at $332,000 after acquiring an additional 5,500 shares during the last quarter. Ballentine Partners LLC purchased a new position in Borr Drilling in the fourth quarter valued at about $83,000. Westend Capital Management LLC purchased a new stake in shares of Borr Drilling during the 4th quarter worth approximately $86,000. Finally, Salvus Wealth Management LLC bought a new position in Borr Drilling during the fourth quarter valued at $59,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.