Borr Drilling (NYSE:BORR) Hits New 52-Week Low – What’s Next?

Shares of Borr Drilling Limited (NYSE:BORR) hit a new 52-week low during trading on Thursday . The company traded as low as $3.26 and last traded at $3.28, with a volume of 2420638 shares. The stock had previously closed at $3.41.

Borr Drilling Price Performance

The stock has a market capitalization of $844.88 million, a PE ratio of 10.14 and a beta of 2.89. The firm’s fifty day moving average price is $3.77 and its two-hundred day moving average price is $4.99. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, November 6th. 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 net margin of 8.70% and a return on equity of 8.50%. The firm had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling’s payout ratio is currently 30.30%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BORR. HITE Hedge Asset Management LLC bought a new position in shares of Borr Drilling in the third quarter worth approximately $4,214,000. Cubist Systematic Strategies LLC bought a new position in Borr Drilling in the 2nd quarter worth $1,954,000. Barclays PLC boosted its stake in shares of Borr Drilling by 52.9% in the third quarter. Barclays PLC now owns 718,537 shares of the company’s stock worth $3,944,000 after acquiring an additional 248,482 shares during the period. Renaissance Technologies LLC purchased a new stake in Borr Drilling during the 2nd quarter valued at approximately $1,469,000. Finally, XTX Topco Ltd bought a new stake in Borr Drilling in the 3rd quarter valued at $443,000. 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.