Borr Drilling (NYSE:BORR) Shares Gap Down – Time to Sell?

Borr Drilling Limited (NYSE:BORR)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $3.74, but opened at $3.58. Borr Drilling shares last traded at $3.59, with a volume of 1,734,763 shares.

Wall Street Analyst Weigh In

Separately, Evercore ISI raised shares of Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price target for the company in a research report on Friday, September 13th.

Borr Drilling Stock Down 3.7 %

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 business’s fifty day moving average price is $3.96 and its 200 day moving average price is $5.31. The firm has a market capitalization of $909.30 million, a PE ratio of 10.91 and a beta of 2.95.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates 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 company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $0.02 per share. The ex-dividend date was Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a yield of 2.22%. Borr Drilling’s payout ratio is currently 30.30%.

Institutional Trading of Borr Drilling

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Xponance Inc. raised its holdings 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 purchasing an additional 1,767 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Borr Drilling by 6.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock worth $454,000 after buying an additional 4,520 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Borr Drilling in the 2nd quarter valued at approximately $30,000. Signaturefd LLC boosted its stake in shares of Borr Drilling by 666.6% in the second quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock valued at $51,000 after buying an additional 6,839 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Borr Drilling by 1.8% in the third quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock valued at $2,377,000 after buying an additional 7,682 shares in 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.