Short Interest in Borr Drilling Limited (NYSE:BORR) Drops By 6.8%

Borr Drilling Limited (NYSE:BORR) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 7,820,000 shares, a decrease of 6.8% from the March 15th total of 8,390,000 shares. Currently, 3.4% of the company’s shares are short sold. Based on an average trading volume of 2,110,000 shares, the days-to-cover ratio is presently 3.7 days.

Hedge Funds Weigh In On Borr Drilling

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC boosted its holdings in Borr Drilling by 111.6% in the 4th quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company’s stock worth $33,000 after acquiring an additional 2,359 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Borr Drilling by 157.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 14,059 shares of the company’s stock valued at $47,000 after buying an additional 8,591 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Borr Drilling during the second quarter valued at approximately $59,000. Principal Financial Group Inc. acquired a new position in shares of Borr Drilling in the 2nd quarter worth approximately $62,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of Borr Drilling in the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Borr Drilling Trading Down 1.9 %

BORR traded down $0.11 on Wednesday, reaching $5.64. 2,224,191 shares of the company’s stock were exchanged, compared to its average volume of 2,621,134. The company’s 50 day moving average is $6.34 and its 200-day moving average is $6.53. The company has a market cap of $860.04 million, a price-to-earnings ratio of 70.70 and a beta of 3.02. Borr Drilling has a twelve month low of $5.55 and a twelve month high of $9.01. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.14 and a current ratio of 1.14.

Borr Drilling (NYSE:BORR) last posted its earnings results on Thursday, February 22nd. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $220.60 million during the quarter. Borr Drilling had a net margin of 2.86% and a return on equity of 2.38%.

Borr Drilling Announces Dividend

The business also recently declared a monthly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were issued a $0.05 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 10.64%. The ex-dividend date of this dividend was Friday, March 1st.

Analyst Ratings Changes

Separately, Evercore ISI dropped their price objective on shares of Borr Drilling from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Friday, February 23rd.

Borr Drilling Company Profile

Borr Drilling Limited operates as an offshore 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.