Short Interest in Borr Drilling Limited (NYSE:BORR) Rises By 5.6%

Borr Drilling Limited (NYSE:BORR) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 15,300,000 shares, a growth of 5.6% from the November 30th total of 14,490,000 shares. Based on an average daily trading volume, of 3,520,000 shares, the days-to-cover ratio is presently 4.3 days. Currently, 6.5% of the company’s stock are sold short.

Borr Drilling Stock Performance

Shares of BORR stock opened at $3.90 on Thursday. The stock has a market capitalization of $985.07 million, a price-to-earnings ratio of 11.82 and a beta of 2.95. Borr Drilling has a one year low of $3.29 and a one year high of $7.47. The company’s 50-day simple moving average is $3.90 and its 200-day simple moving average is $5.25. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

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

Borr Drilling Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling’s dividend payout ratio is presently 30.30%.

Institutional Trading of Borr Drilling

Several institutional investors have recently added to or reduced their stakes in BORR. Point72 DIFC Ltd bought a new position in shares of Borr Drilling in the 2nd quarter worth about $30,000. Signaturefd LLC lifted its holdings in Borr Drilling by 666.6% in the second quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock worth $51,000 after acquiring an additional 6,839 shares during the last quarter. Xponance Inc. boosted its stake in Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after acquiring an additional 1,767 shares during the period. Sei Investments Co. bought a new position in shares of Borr Drilling during the second quarter valued at approximately $99,000. Finally, SCP Investment LP bought a new position in shares of Borr Drilling during the third quarter valued at approximately $158,000. Institutional investors own 83.12% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.