Borr Drilling (NYSE:BORR) Stock Price Down 6.3% After Earnings Miss

Borr Drilling Limited (NYSE:BORR)’s share price fell 6.3% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $4.10 and last traded at $4.13. 1,885,666 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 2,057,529 shares. The stock had previously closed at $4.41.

The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a return on equity of 7.69% and a net margin of 8.15%. The business had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, November 29th. Borr Drilling’s payout ratio is presently 34.48%.

Analysts Set New Price Targets

Separately, Evercore ISI upgraded Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 target price for the company in a research note on Friday, September 13th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BORR. Janney Montgomery Scott LLC acquired a new stake in Borr Drilling in the first quarter valued at $468,000. SG Americas Securities LLC acquired a new stake in Borr Drilling during the 1st quarter worth about $89,000. Swiss National Bank grew its holdings in Borr Drilling by 4.1% during the 1st quarter. Swiss National Bank now owns 423,630 shares of the company’s stock worth $2,701,000 after acquiring an additional 16,810 shares during the period. Susquehanna International Securities Ltd. acquired a new stake in Borr Drilling during the 1st quarter worth about $504,000. Finally, ProShare Advisors LLC grew its holdings in Borr Drilling by 8.5% during the 1st 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. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Price Performance

The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.75. The stock has a fifty day simple moving average of $5.15 and a two-hundred day simple moving average of $5.86.

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.