Borr Drilling Limited (NYSE:BORR – Get Free Report)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $6.31, but opened at $6.52. Borr Drilling shares last traded at $6.53, with a volume of 303,853 shares changing hands.
Analysts Set New Price Targets
Separately, Evercore ISI dropped their target price on shares of Borr Drilling from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Friday, February 23rd.
Check Out Our Latest Stock Analysis on Borr Drilling
Borr Drilling Price Performance
Borr Drilling (NYSE:BORR – Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.11 earnings per share (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 firm had revenue of $220.60 million for the quarter.
Borr Drilling Announces Dividend
The firm also recently disclosed a monthly dividend, which was paid on Monday, March 18th. Stockholders of record on Monday, March 4th were paid 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 dividend yield of 8.92%.
Hedge Funds Weigh In On Borr Drilling
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quadrant Capital Group LLC lifted its position in Borr Drilling by 111.6% during the fourth quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company’s stock valued at $33,000 after acquiring an additional 2,359 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Borr Drilling by 157.1% during the third quarter. Tower Research Capital LLC TRC now owns 14,059 shares of the company’s stock valued at $47,000 after acquiring an additional 8,591 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Borr Drilling during the second quarter valued at approximately $59,000. Principal Financial Group Inc. purchased a new stake in Borr Drilling during the second quarter valued at approximately $62,000. Finally, JPMorgan Chase & Co. purchased a new stake in Borr Drilling during the first quarter valued at approximately $66,000. 83.12% of the stock is currently owned by institutional investors.
Borr Drilling Company Profile
Borr Drilling Limited operates as an offshore 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.
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