Borr Drilling (NYSE:BORR) Trading Up 7% – Time to Buy?

Borr Drilling Limited (NYSE:BORR)’s share price rose 7% during mid-day trading on Friday . The company traded as high as $3.63 and last traded at $3.57. Approximately 1,553,721 shares traded hands during trading, a decline of 67% from the average daily volume of 4,649,396 shares. The stock had previously closed at $3.34.

Borr Drilling Price Performance

The company’s 50-day simple moving average is $3.75 and its 200 day simple moving average is $4.98. The company has a market cap of $915.60 million, a PE ratio of 11.05 and a beta of 2.89. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

Borr Drilling (NYSE:BORR) last issued 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). The company had revenue of $241.60 million for the quarter. Borr Drilling had a return on equity of 8.50% and a net margin of 8.70%.

Borr Drilling Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling’s dividend payout ratio is presently 30.30%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Xponance Inc. increased its position in Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after buying an additional 1,767 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of Borr Drilling during the 2nd quarter worth $30,000. SG Americas Securities LLC boosted its holdings in Borr Drilling by 6.9% during the fourth quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock worth $332,000 after buying an additional 5,500 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Borr Drilling by 1.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock worth $2,377,000 after acquiring an additional 7,682 shares during the period. Finally, Private Advisor Group LLC grew its holdings in Borr Drilling by 31.7% in the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock valued at $184,000 after purchasing an additional 8,054 shares during the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.