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

Borr Drilling Limited (NYSE:BORR) was the target of 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 shares of the company are sold short. Based on an average trading volume of 2,110,000 shares, the short-interest ratio is currently 3.7 days.

Analysts Set New Price Targets

Separately, Evercore ISI lowered their price target on shares of Borr Drilling from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Friday, February 23rd.

Institutional Investors Weigh In On Borr Drilling

A number of hedge funds have recently modified their holdings of BORR. Quadrant Capital Group LLC increased its position in Borr Drilling by 111.6% during the fourth quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company’s stock worth $33,000 after purchasing an additional 2,359 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Borr Drilling by 157.1% during the third quarter. Tower Research Capital LLC TRC now owns 14,059 shares of the company’s stock worth $47,000 after purchasing 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 worth about $59,000. Principal Financial Group Inc. acquired a new stake in Borr Drilling during the second quarter worth about $62,000. Finally, JPMorgan Chase & Co. acquired a new stake in Borr Drilling during the first quarter worth about $66,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Borr Drilling Stock Performance

NYSE BORR traded down $0.11 during mid-day trading on Wednesday, reaching $5.64. 2,224,191 shares of the stock were exchanged, compared to its average volume of 2,621,134. The business’s 50 day moving average is $6.34 and its 200-day moving average is $6.53. Borr Drilling has a 1 year low of $5.55 and a 1 year high of $9.01. The company has a market capitalization of $860.04 million, a P/E ratio of 70.70 and a beta of 3.02. 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 quarterly earnings data on Thursday, February 22nd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The company 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 disclosed a monthly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were given a dividend of $0.05 per share. 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.

About Borr Drilling

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.