Borr Drilling (NYSE:BORR) Shares Down 7%

Borr Drilling Limited (NYSE:BORR - Get Free Report) shares were down 7% during trading on Thursday . The company traded as low as $5.75 and last traded at $5.82. Approximately 2,124,701 shares traded hands during trading, an increase of 9% from the average daily volume of 1,955,354 shares. The stock had previously closed at $6.26.

Wall Street Analyst Weigh In

Separately, Evercore ISI cut their price objective on shares of Borr Drilling from $10.00 to $9.00 and set an "in-line" rating for the company in a research report on Friday, February 23rd.

Borr Drilling Price Performance

The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.65. The stock has a market cap of $890.54 million, a price-to-earnings ratio of 74.26 and a beta of 3.02. The company's 50-day moving average is $6.46 and its 200-day moving average is $6.61.

Borr Drilling (NYSE:BORR - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The firm had revenue of $220.60 million for the quarter. Borr Drilling had a net margin of 2.86% and a return on equity of 2.38%.

Borr Drilling Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $0.60 annualized dividend and a yield of 10.27%.

Institutional Trading of Borr Drilling

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Borr Drilling by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 9,270,971 shares of the company's stock valued at $68,234,000 after purchasing an additional 129,683 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Borr Drilling during the fourth quarter valued at approximately $202,000. FIL Ltd grew its stake in shares of Borr Drilling by 312.2% during the fourth quarter. FIL Ltd now owns 5,191,241 shares of the company's stock valued at $38,208,000 after purchasing an additional 3,931,841 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Borr Drilling by 9.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 54,828 shares of the company's stock valued at $404,000 after purchasing an additional 4,643 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Borr Drilling by 16.8% during the fourth quarter. Legal & General Group Plc now owns 187,620 shares of the company's stock valued at $1,399,000 after purchasing an additional 26,995 shares during the last quarter. 83.12% of the stock is owned by institutional investors.

About Borr Drilling

Borr Drilling Limited operates as an offshore 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.