Borr Drilling (NYSE:BORR) Reaches New 52-Week Low – Here’s What Happened

Borr Drilling Limited (NYSE:BORR) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $3.22 and last traded at $3.40, with a volume of 6064796 shares changing hands. The stock had previously closed at $3.36.

Borr Drilling Stock Up 1.0 %

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 firm’s 50 day moving average is $3.72 and its 200-day moving average is $4.90. The firm has a market cap of $857.51 million, a PE ratio of 10.29 and a beta of 2.89.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a return on equity of 8.50% and a net margin of 8.70%. The company had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.36%. The ex-dividend date was Friday, November 29th. Borr Drilling’s dividend payout ratio (DPR) is 30.30%.

Institutional Investors Weigh In On Borr Drilling

Several large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC acquired a new stake in shares of Borr Drilling in the fourth quarter worth $130,000. SG Americas Securities LLC increased its position in shares of Borr Drilling by 6.9% in the fourth quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock worth $332,000 after acquiring an additional 5,500 shares in the last quarter. Ballentine Partners LLC acquired a new stake in Borr Drilling during the 4th quarter valued at $83,000. Westend Capital Management LLC acquired a new stake in Borr Drilling during the 4th quarter valued at $86,000. Finally, Salvus Wealth Management LLC acquired a new stake in Borr Drilling during the 4th quarter valued at $59,000. Institutional investors and hedge funds 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.