Rhumbline Advisers Lowers Position in Borr Drilling Limited $BORR

Rhumbline Advisers lowered its stake in shares of Borr Drilling Limited (NYSE:BORR) by 5.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 343,558 shares of the company’s stock after selling 18,766 shares during the period. Rhumbline Advisers owned about 0.14% of Borr Drilling worth $752,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Borr Drilling by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock worth $309,000 after buying an additional 6,012 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Borr Drilling by 24.9% during the first quarter. Private Advisor Group LLC now owns 31,062 shares of the company’s stock worth $68,000 after buying an additional 6,200 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in Borr Drilling during the first quarter worth about $25,000. Oak Thistle LLC purchased a new stake in Borr Drilling during the first quarter worth about $26,000. Finally, Abel Hall LLC purchased a new stake in Borr Drilling during the first quarter worth about $29,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Borr Drilling Stock Performance

Shares of BORR stock opened at $2.94 on Monday. Borr Drilling Limited has a one year low of $1.55 and a one year high of $5.81. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.28 and a current ratio of 1.28. The company has a 50 day moving average price of $2.50 and a 200 day moving average price of $2.17. The firm has a market capitalization of $694.52 million, a price-to-earnings ratio of 14.00 and a beta of 1.98.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.11 by $0.03. Borr Drilling had a net margin of 5.48% and a return on equity of 5.46%. The firm had revenue of $267.70 million during the quarter, compared to analyst estimates of $265.81 million.

Wall Street Analyst Weigh In

BORR has been the topic of a number of research analyst reports. SEB Equity Research set a $2.40 price objective on shares of Borr Drilling in a report on Monday, September 1st. BTIG Research cut shares of Borr Drilling from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Fearnley Fonds cut shares of Borr Drilling from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Citigroup began coverage on shares of Borr Drilling in a research report on Thursday, September 11th. They set a “neutral” rating and a $3.25 target price for the company. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.83.

Borr Drilling 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.