Charles Schwab Investment Management Inc. Increases Stock Holdings in Borr Drilling Limited (NYSE:BORR)

Charles Schwab Investment Management Inc. lifted its stake in shares of Borr Drilling Limited (NYSE:BORR) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 570,909 shares of the company’s stock after purchasing an additional 9,976 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Borr Drilling were worth $3,134,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of BORR. Intech Investment Management LLC acquired a new position in Borr Drilling in the 3rd quarter valued at $303,000. SCP Investment LP purchased a new stake in shares of Borr Drilling in the third quarter valued at about $158,000. X Square Capital LLC boosted its holdings in shares of Borr Drilling by 6.9% in the third quarter. X Square Capital LLC now owns 177,727 shares of the company’s stock valued at $976,000 after acquiring an additional 11,434 shares in the last quarter. Private Advisor Group LLC increased its stake in shares of Borr Drilling by 31.7% during the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock worth $184,000 after acquiring an additional 8,054 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Borr Drilling by 40.4% during the third quarter. SG Americas Securities LLC now owns 79,755 shares of the company’s stock worth $438,000 after purchasing an additional 22,943 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Evercore ISI upgraded 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 Trading Up 1.1 %

Shares of BORR stock opened at $3.73 on Friday. Borr Drilling Limited has a 1-year low of $3.29 and a 1-year high of $7.61. 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 business’s fifty day moving average price is $4.27 and its 200 day moving average price is $5.51. The firm has a market capitalization of $568.83 million, a PE ratio of 11.30 and a beta of 2.95.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The company 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 business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, November 29th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.14%. Borr Drilling’s payout ratio is 30.30%.

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.