Exchange Traded Concepts LLC Reduces Holdings in Borr Drilling Limited (NYSE:BORR)

Exchange Traded Concepts LLC decreased its holdings in Borr Drilling Limited (NYSE:BORR) by 10.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,268 shares of the company’s stock after selling 3,881 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Borr Drilling were worth $188,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Investors boosted its holdings in shares of Borr Drilling by 35.4% in the first quarter. Capital International Investors now owns 17,608,781 shares of the company’s stock worth $116,834,000 after buying an additional 4,601,527 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Borr Drilling by 28.0% in the second quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock worth $5,335,000 after buying an additional 180,910 shares during the last quarter. Capital International Inc. CA boosted its holdings in shares of Borr Drilling by 19.5% in 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. Covestor Ltd lifted its holdings in Borr Drilling by 31,600.0% during the first quarter. Covestor Ltd now owns 5,706 shares of the company’s stock valued at $39,000 after purchasing an additional 5,688 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC lifted its holdings in Borr Drilling by 10.7% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock valued at $6,289,000 after purchasing an additional 94,300 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Analyst Upgrades and Downgrades

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

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $5.07 on Tuesday. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.57 and a quick ratio of 1.57. Borr Drilling Limited has a 1-year low of $5.04 and a 1-year high of $7.61. The company has a market capitalization of $773.18 million, a P/E ratio of 29.82 and a beta of 2.99. The firm’s 50 day simple moving average is $5.72 and its two-hundred day simple moving average is $6.01.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, August 14th. The company reported $0.12 earnings per share for the quarter. Borr Drilling had a net margin of 8.15% and a return on equity of 7.69%. The business had revenue of $271.90 million for the quarter.

Borr Drilling Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 7.89%. The ex-dividend date of this dividend was Thursday, August 22nd. Borr Drilling’s payout ratio is currently 58.82%.

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.