Borr Drilling Limited (NYSE:BORR) Shares Bought by State Street Corp

State Street Corp grew its holdings in shares of Borr Drilling Limited (NYSE:BORR) by 0.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,905,259 shares of the company’s stock after purchasing an additional 22,800 shares during the period. State Street Corp’s holdings in Borr Drilling were worth $21,440,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BORR. HITE Hedge Asset Management LLC bought a new position in Borr Drilling in the 3rd quarter valued at about $4,214,000. De Lisle Partners LLP boosted its holdings in shares of Borr Drilling by 1.9% in the third quarter. De Lisle Partners LLP now owns 1,571,424 shares of the company’s stock valued at $8,619,000 after acquiring an additional 30,000 shares in the last quarter. FMR LLC boosted its holdings in shares of Borr Drilling by 0.4% in the third quarter. FMR LLC now owns 7,668,451 shares of the company’s stock valued at $42,108,000 after acquiring an additional 28,587 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Borr Drilling by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 570,909 shares of the company’s stock valued at $3,134,000 after acquiring an additional 9,976 shares during the period. Finally, Intech Investment Management LLC bought a new stake in Borr Drilling during the third quarter worth approximately $303,000. 83.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Borr Drilling Price Performance

Shares of Borr Drilling stock opened at $3.72 on Tuesday. Borr Drilling Limited has a 52 week low of $3.29 and a 52 week high of $7.61. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. The company’s 50-day moving average price is $4.11 and its two-hundred day moving average price is $5.39. The stock has a market cap of $939.61 million, a PE ratio of 11.27 and a beta of 2.95.

Borr Drilling (NYSE:BORR) last released 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). The business had revenue of $241.60 million for the quarter. Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%.

Borr Drilling Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Friday, November 29th. Borr Drilling’s payout ratio is 30.30%.

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.