HITE Hedge Asset Management LLC Invests $4.21 Million in Borr Drilling Limited (NYSE:BORR)

HITE Hedge Asset Management LLC bought a new stake in Borr Drilling Limited (NYSE:BORR) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 767,649 shares of the company’s stock, valued at approximately $4,214,000.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in 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. Price T Rowe Associates Inc. MD increased its position in shares of Borr Drilling by 14.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 62,807 shares of the company’s stock valued at $431,000 after acquiring an additional 7,979 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Borr Drilling by 335.3% in the second quarter. SG Americas Securities LLC now owns 56,812 shares of the company’s stock worth $366,000 after acquiring an additional 43,762 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Borr Drilling by 28.0% in the second quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock worth $5,335,000 after buying an additional 180,910 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Borr Drilling by 6.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock valued at $454,000 after acquiring an additional 4,520 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

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.

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $3.76 on Tuesday. The company’s fifty day moving average is $4.66 and its two-hundred day moving average is $5.69. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. Borr Drilling Limited has a 1-year low of $3.61 and a 1-year high of $7.61.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a net margin of 8.70% and a return on equity of 8.50%. The business had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, November 29th. Borr Drilling’s payout ratio is currently 30.30%.

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.