Principal Financial Group Inc. Has $91,000 Holdings in Borr Drilling Limited (NYSE:BORR)

Principal Financial Group Inc. trimmed its stake in Borr Drilling Limited (NYSE:BORR) by 28.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,523 shares of the company’s stock after selling 6,723 shares during the period. Principal Financial Group Inc.’s holdings in Borr Drilling were worth $91,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in Borr Drilling during the second quarter worth about $30,000. Xponance Inc. increased its position in shares of Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after purchasing an additional 1,767 shares during the period. Sei Investments Co. acquired a new position in shares of Borr Drilling in the second quarter valued at $99,000. SCP Investment LP bought a new position in Borr Drilling in the third quarter worth $158,000. Finally, Virtu Financial LLC acquired a new stake in Borr Drilling during the third quarter worth $171,000. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Price Performance

NYSE:BORR opened at $4.05 on Wednesday. The firm has a market cap of $1.02 billion, a PE ratio of 12.27 and a beta of 2.89. Borr Drilling Limited has a 12 month low of $3.29 and a 12 month high of $7.42. The company’s 50-day moving average price is $3.86 and its two-hundred day moving average price is $5.18. 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 (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). Borr Drilling had a return on equity of 8.50% and a net margin of 8.70%. The business had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 1.98%. The ex-dividend date was Friday, November 29th. Borr Drilling’s payout ratio is 30.30%.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI upgraded shares of Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price objective for the company 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.