Geode Capital Management LLC Sells 4,523 Shares of Borr Drilling Limited (NYSE:BORR)

Geode Capital Management LLC lowered its position in Borr Drilling Limited (NYSE:BORR) by 0.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,854,385 shares of the company’s stock after selling 4,523 shares during the period. Geode Capital Management LLC’s holdings in Borr Drilling were worth $15,671,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Borr Drilling by 0.4% during the third quarter. FMR LLC now owns 7,668,451 shares of the company’s stock valued at $42,108,000 after buying an additional 28,587 shares during the last quarter. State Street Corp lifted its position in Borr Drilling by 0.6% in the 3rd quarter. State Street Corp now owns 3,905,259 shares of the company’s stock valued at $21,440,000 after acquiring an additional 22,800 shares in the last quarter. De Lisle Partners LLP boosted its stake in Borr Drilling by 1.9% during the 3rd quarter. De Lisle Partners LLP now owns 1,571,424 shares of the company’s stock valued at $8,619,000 after purchasing an additional 30,000 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its holdings in Borr Drilling by 10.7% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after purchasing an additional 94,300 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake 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 purchasing an additional 180,910 shares during the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Price Performance

BORR opened at $3.60 on Monday. Borr Drilling Limited has a 1 year low of $3.29 and a 1 year high of $7.58. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $909.30 million, a price-to-earnings ratio of 10.91 and a beta of 2.95. The firm’s fifty day moving average price is $3.96 and its two-hundred day moving average price is $5.31.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). The firm 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 firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Friday, November 29th. Borr Drilling’s dividend payout ratio is presently 30.30%.

Wall Street Analysts Forecast Growth

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 research report on Friday, September 13th.

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.