Intech Investment Management LLC Takes $303,000 Position in Borr Drilling Limited (NYSE:BORR)

Intech Investment Management LLC acquired a new stake in Borr Drilling Limited (NYSE:BORR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 55,103 shares of the company’s stock, valued at approximately $303,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in shares of Borr Drilling in the second quarter valued at about $30,000. Signaturefd LLC boosted its stake in Borr Drilling by 666.6% during the second quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock worth $51,000 after buying an additional 6,839 shares during the period. Xponance Inc. boosted its stake 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 buying an additional 1,767 shares during the period. Sei Investments Co. purchased a new position in shares of Borr Drilling in the second quarter valued at approximately $99,000. Finally, SCP Investment LP purchased a new position in shares of Borr Drilling in the third quarter valued at approximately $158,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Evercore ISI raised shares of 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 Stock Performance

Shares of Borr Drilling stock opened at $3.50 on Thursday. The firm’s fifty day simple moving average is $4.58 and its 200-day simple moving average is $5.66. The stock has a market capitalization of $533.75 million, a price-to-earnings ratio of 10.61 and a beta of 2.95. Borr Drilling Limited has a 12 month low of $3.44 and a 12 month high of $7.61. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41.

Borr Drilling (NYSE:BORR) last issued its 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 disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Friday, November 29th. Borr Drilling’s dividend payout ratio is currently 30.30%.

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.