Borr Drilling (NYSE:BORR) Raised to Outperform at Evercore ISI

Evercore ISI upgraded shares of Borr Drilling (NYSE:BORR) from an in-line rating to an outperform rating in a research report report published on Friday morning, Marketbeat Ratings reports. The firm currently has $9.00 price objective on the stock.

Borr Drilling Trading Up 3.8 %

BORR opened at $5.48 on Friday. The firm has a market capitalization of $835.70 million, a price-to-earnings ratio of 32.24 and a beta of 3.00. The company’s 50 day simple moving average is $6.21 and its two-hundred day simple moving average is $6.20. Borr Drilling has a 1-year low of $5.09 and a 1-year high of $7.80. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.57 and a quick ratio of 1.57.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings data on Wednesday, August 14th. The company reported $0.12 earnings per share (EPS) for the quarter. The firm had revenue of $271.90 million during the quarter. Borr Drilling had a net margin of 8.15% and a return on equity of 7.69%.

Borr Drilling Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.30%. The ex-dividend date of this dividend was Thursday, August 22nd. Borr Drilling’s dividend payout ratio (DPR) is 58.82%.

Institutional Investors Weigh In On Borr Drilling

Several hedge funds have recently modified their holdings of the stock. Xponance Inc. increased its position in shares of 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 acquiring an additional 1,767 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Borr Drilling by 111.6% during the 4th quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company’s stock valued at $33,000 after acquiring an additional 2,359 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Borr Drilling by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 39,513 shares of the company’s stock worth $271,000 after purchasing an additional 3,110 shares during the last quarter. Bleakley Financial Group LLC lifted its position in shares of Borr Drilling by 4.5% during the first quarter. Bleakley Financial Group LLC now owns 90,901 shares of the company’s stock worth $623,000 after purchasing an additional 3,874 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Borr Drilling by 16.2% in the first quarter. Principal Financial Group Inc. now owns 29,567 shares of the company’s stock worth $203,000 after purchasing an additional 4,125 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

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.