Borr Drilling Limited (NYSE:BORR) Short Interest Up 23.2% in March

Borr Drilling Limited (NYSE:BORR) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 16,876,256 shares, an increase of 23.2% from the February 26th total of 13,698,807 shares. Based on an average daily trading volume, of 7,627,640 shares, the days-to-cover ratio is presently 2.2 days. Currently, 5.8% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BORR shares. Citigroup boosted their price target on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Wall Street Zen lowered shares of Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings cut shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $4.33.

Institutional Trading of Borr Drilling

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new stake in shares of Borr Drilling in the 1st quarter worth about $476,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Borr Drilling by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,927 shares of the company’s stock worth $309,000 after purchasing an additional 6,012 shares during the last quarter. Millennium Management LLC grew its stake in Borr Drilling by 1,025.5% in the first quarter. Millennium Management LLC now owns 3,810,556 shares of the company’s stock worth $8,345,000 after purchasing an additional 3,471,979 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Borr Drilling in the first quarter valued at about $186,000. Finally, Creative Planning increased its holdings in Borr Drilling by 13.1% in the second quarter. Creative Planning now owns 229,786 shares of the company’s stock valued at $421,000 after buying an additional 26,541 shares during the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

Borr Drilling Stock Down 4.4%

Shares of NYSE:BORR traded down $0.27 during trading on Monday, hitting $5.79. The company’s stock had a trading volume of 8,169,741 shares, compared to its average volume of 7,243,603. The company has a market capitalization of $1.82 billion, a PE ratio of 34.03 and a beta of 1.00. Borr Drilling has a fifty-two week low of $1.55 and a fifty-two week high of $6.25. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.19. The stock’s 50-day moving average price is $5.28 and its two-hundred day moving average price is $4.05.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.03. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.The firm had revenue of $259.40 million during the quarter, compared to analyst estimates of $238.65 million.

About Borr Drilling

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.