SCP Investment LP Acquires Shares of 28,800 Borr Drilling Limited (NYSE:BORR)

SCP Investment LP acquired a new position in shares of Borr Drilling Limited (NYSE:BORR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 28,800 shares of the company’s stock, valued at approximately $158,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BORR. Capital International Investors boosted its stake in Borr Drilling by 35.4% during the 1st quarter. Capital International Investors now owns 17,608,781 shares of the company’s stock worth $116,834,000 after purchasing an additional 4,601,527 shares during the period. Vanguard Group Inc. boosted its stake in shares of Borr Drilling by 2.2% during the first quarter. Vanguard Group Inc. now owns 9,473,089 shares of the company’s stock worth $64,891,000 after buying an additional 202,118 shares during the period. Capital International Inc. CA grew its holdings in shares of Borr Drilling by 19.5% during the first quarter. Capital International Inc. CA now owns 2,646,820 shares of the company’s stock worth $18,131,000 after buying an additional 431,861 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its position in Borr Drilling by 10.7% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock valued at $6,289,000 after acquiring an additional 94,300 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Borr Drilling by 28.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock valued at $5,335,000 after acquiring an additional 180,910 shares during the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Trading Down 2.5 %

BORR stock opened at $3.94 on Wednesday. The company has a fifty day moving average of $4.93 and a 200-day moving average of $5.80. 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 Limited has a one year low of $3.76 and a one year high of $7.61.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.08 annualized dividend and a dividend yield of 2.03%. Borr Drilling’s dividend payout ratio is currently 30.30%.

Analysts Set New Price Targets

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

Borr Drilling 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.