SCP Investment LP Invests $158,000 in Borr Drilling Limited (NYSE:BORR)

SCP Investment LP acquired a new position in shares of Borr Drilling Limited (NYSE:BORR) in the third quarter, HoldingsChannel.com reports. The firm acquired 28,800 shares of the company’s stock, valued at approximately $158,000.

Several other large investors have also recently added to or reduced their stakes in BORR. Janney Montgomery Scott LLC acquired a new stake in shares of Borr Drilling in the first quarter valued at approximately $468,000. SG Americas Securities LLC bought a new stake in Borr Drilling during the 1st quarter valued at $89,000. Swiss National Bank boosted its position in Borr Drilling by 4.1% during the 1st quarter. Swiss National Bank now owns 423,630 shares of the company’s stock worth $2,701,000 after acquiring an additional 16,810 shares during the period. ProShare Advisors LLC boosted its position in Borr Drilling by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 39,513 shares of the company’s stock worth $271,000 after acquiring an additional 3,110 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Borr Drilling by 2.2% in the first quarter. Vanguard Group Inc. now owns 9,473,089 shares of the company’s stock worth $64,891,000 after purchasing an additional 202,118 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $3.94 on Wednesday. The company has a 50 day moving average of $4.93 and a 200-day moving average of $5.80. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91. Borr Drilling Limited has a twelve month low of $3.76 and a twelve month high of $7.61.

Borr Drilling (NYSE:BORR) last issued its quarterly 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 for the quarter.

Borr Drilling Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Friday, November 29th. Borr Drilling’s payout ratio is currently 30.30%.

Analyst Ratings Changes

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

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.