Borr Drilling (NYSE:BORR) Stock Price Down 4% – Here’s Why

Borr Drilling Limited (NYSE:BORR) shares fell 4% on Tuesday . The stock traded as low as $2.30 and last traded at $2.30. 807,894 shares traded hands during trading, a decline of 75% from the average session volume of 3,240,969 shares. The stock had previously closed at $2.39.

Borr Drilling Stock Performance

The stock’s fifty day simple moving average is $2.90 and its 200-day simple moving average is $3.90. The company has a market capitalization of $602.41 million, a price-to-earnings ratio of 7.45 and a beta of 2.69. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, February 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Borr Drilling had a net margin of 8.12% and a return on equity of 8.27%. The company had revenue of $263.10 million during the quarter, compared to analysts’ expectations of $247.78 million.

Borr Drilling Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Monday, March 3rd were issued a $0.02 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.08 annualized dividend and a yield of 3.35%. Borr Drilling’s dividend payout ratio (DPR) is 31.25%.

Institutional Investors Weigh In On Borr Drilling

Large investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its stake in shares of Borr Drilling by 828.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock worth $30,000 after purchasing an additional 6,775 shares in the last quarter. Natixis acquired a new position in shares of Borr Drilling during the 4th quarter worth about $58,000. Salvus Wealth Management LLC purchased a new position in shares of Borr Drilling in the 4th quarter valued at about $59,000. SBI Securities Co. Ltd. acquired a new stake in shares of Borr Drilling during the 4th quarter worth about $59,000. Finally, CacheTech Inc. purchased a new stake in Borr Drilling during the fourth quarter worth approximately $81,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.