Borr Drilling Limited (NYSE:BORR) Stock Position Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in Borr Drilling Limited (NYSE:BORR) by 28.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,523 shares of the company’s stock after selling 6,723 shares during the quarter. Principal Financial Group Inc.’s holdings in Borr Drilling were worth $91,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Point72 DIFC Ltd bought a new stake in Borr Drilling in the second quarter worth approximately $30,000. Xponance Inc. boosted its holdings in Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after purchasing an additional 1,767 shares in the last quarter. Sei Investments Co. acquired a new position in Borr Drilling during the second quarter worth $99,000. SCP Investment LP bought a new position in Borr Drilling during the third quarter valued at about $158,000. Finally, Virtu Financial LLC acquired a new stake in shares of Borr Drilling in the third quarter worth about $171,000. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Trading Down 0.2 %

Shares of BORR stock opened at $4.05 on Wednesday. Borr Drilling Limited has a 12 month low of $3.29 and a 12 month high of $7.42. The company has a market cap of $1.02 billion, a PE ratio of 12.27 and a beta of 2.89. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. The business’s 50 day moving average is $3.86 and its two-hundred day moving average is $5.18.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%. The firm had revenue of $241.60 million during the quarter.

Borr Drilling Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.08 annualized dividend and a yield of 1.98%. Borr Drilling’s payout ratio is 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 price objective on the stock in a 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.