Dimensional Fund Advisors LP Buys 2,185,639 Shares of Borr Drilling Limited $BORR

Dimensional Fund Advisors LP increased its stake in Borr Drilling Limited (NYSE:BORR) by 167.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,491,730 shares of the company’s stock after purchasing an additional 2,185,639 shares during the period. Dimensional Fund Advisors LP’s holdings in Borr Drilling were worth $20,148,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sona Asset Management US LLC acquired a new stake in Borr Drilling during the third quarter worth about $17,180,000. DNB Asset Management AS lifted its holdings in shares of Borr Drilling by 126.4% during the 4th quarter. DNB Asset Management AS now owns 8,771,876 shares of the company’s stock worth $35,351,000 after acquiring an additional 4,896,701 shares during the period. Marshall Wace LLP boosted its position in shares of Borr Drilling by 9,222.0% during the 4th quarter. Marshall Wace LLP now owns 4,573,837 shares of the company’s stock worth $18,433,000 after acquiring an additional 4,524,772 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in Borr Drilling in the fourth quarter valued at approximately $14,326,000. Finally, Millennium Management LLC raised its position in Borr Drilling by 1,025.5% during the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock valued at $8,345,000 after purchasing an additional 3,471,979 shares in the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $3.88 on Friday. Borr Drilling Limited has a one year low of $2.14 and a one year high of $6.66. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 25.90 and a beta of 1.02. The firm has a 50 day simple moving average of $4.37 and a 200 day simple moving average of $5.12.

Borr Drilling (NYSE:BORR) last posted its earnings results on Wednesday, May 20th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $247.00 million for the quarter, compared to the consensus estimate of $253.35 million. Borr Drilling had a return on equity of 2.88% and a net margin of 3.13%. Research analysts predict that Borr Drilling Limited will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BORR has been the topic of a number of research analyst reports. Capital One Financial set a $6.00 target price on Borr Drilling and gave the company an “overweight” rating in a report on Wednesday, July 1st. Fearnley Fonds upgraded Borr Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Borr Drilling in a research note on Wednesday, June 24th. Zacks Research raised Borr Drilling to a “hold” rating in a research note on Thursday, July 2nd. Finally, Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4.88.

Insider Activity at Borr Drilling

In related news, Director Thiago Mordehachvili sold 8,000,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $4.70, for a total transaction of $37,600,000.00. Following the sale, the director owned 38,199,677 shares of the company’s stock, valued at $179,538,481.90. This trade represents a 17.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 7.90% of the company’s stock.

Borr Drilling Profile

Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.

The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.