Borr Drilling Limited (NYSE:BORR) Sees Significant Increase in Short Interest

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

Analysts Set New Price Targets

Separately, Evercore ISI upgraded Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price objective for the company in a report on Friday, September 13th.

Institutional Investors Weigh In On Borr Drilling

Institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. grew its position in shares of Borr Drilling by 13.3% during the 2nd 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. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Borr Drilling by 6.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock worth $454,000 after buying an additional 4,520 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Borr Drilling in the second quarter valued at $30,000. Signaturefd LLC lifted its position in shares of Borr Drilling by 666.6% during the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock valued at $51,000 after buying an additional 6,839 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Borr Drilling by 1.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock valued at $2,377,000 after buying an additional 7,682 shares during the last quarter. 83.12% of the stock is owned by institutional investors.

Borr Drilling Stock Up 4.8 %

Shares of NYSE BORR opened at $3.90 on Wednesday. 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 has a 1 year low of $3.29 and a 1 year high of $7.47. The stock has a market capitalization of $985.07 million, a P/E ratio of 11.82 and a beta of 2.95. The company has a 50-day moving average price of $3.92 and a 200-day moving average price of $5.26.

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

Borr Drilling Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.05%. The ex-dividend date was Friday, November 29th. Borr Drilling’s dividend payout ratio (DPR) is presently 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.