Borr Drilling (NYSE:BORR) Trading Down 4.5% – Here’s Why

Borr Drilling Limited (NYSE:BORR) shares were down 4.5% on Thursday . The stock traded as low as $3.64 and last traded at $3.65. Approximately 990,752 shares traded hands during trading, a decline of 75% from the average daily volume of 3,892,933 shares. The stock had previously closed at $3.82.

Borr Drilling Stock Performance

The stock’s fifty day simple moving average is $3.80 and its 200-day simple moving average is $5.06. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The company has a market capitalization of $875.19 million, a PE ratio of 10.50 and a beta of 2.89.

Borr Drilling (NYSE:BORR) last released 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 for the quarter.

Borr Drilling Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.02 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a yield of 2.31%. Borr Drilling’s dividend payout ratio (DPR) is 30.30%.

Institutional Trading of Borr Drilling

A number of hedge funds have recently added to or reduced their stakes in BORR. Renaissance Technologies LLC purchased a new stake in shares of Borr Drilling during the 2nd quarter worth about $1,469,000. Sei Investments Co. purchased a new stake in shares of Borr Drilling during the second quarter worth about $99,000. Xponance Inc. raised its position in shares of Borr Drilling by 13.3% in the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after purchasing an additional 1,767 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Borr Drilling in the second quarter valued at $30,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Borr Drilling in the 2nd quarter valued at about $1,954,000. 83.12% of the stock is owned by institutional investors and hedge funds.

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.