Borr Drilling Limited (NYSE:BORR) Sees Large Growth in Short Interest

Borr Drilling Limited (NYSE:BORR) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 9,190,000 shares, an increase of 12.2% from the August 31st total of 8,190,000 shares. Currently, 4.1% of the shares of the stock are sold short. Based on an average daily volume of 1,840,000 shares, the short-interest ratio is currently 5.0 days.

Analyst Ratings Changes

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

Borr Drilling Trading Down 0.4 %

BORR traded down $0.02 during trading on Tuesday, reaching $5.47. The company had a trading volume of 1,556,015 shares, compared to its average volume of 1,951,780. The firm’s 50-day simple moving average is $5.99 and its 200 day simple moving average is $6.14. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market cap of $834.18 million, a price-to-earnings ratio of 32.26 and a beta of 3.00. Borr Drilling has a 12-month low of $5.09 and a 12-month high of $7.61.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, August 14th. The company reported $0.12 earnings per share (EPS) for the quarter. The business had revenue of $271.90 million for the quarter. Borr Drilling had a net margin of 8.15% and a return on equity of 7.69%.

Borr Drilling Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.31%. Borr Drilling’s payout ratio is currently 58.82%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 DIFC Ltd purchased a new position in Borr Drilling during the 2nd quarter valued at about $30,000. Covestor Ltd increased its stake in Borr Drilling by 31,600.0% in the 1st quarter. Covestor Ltd now owns 5,706 shares of the company’s stock valued at $39,000 after buying an additional 5,688 shares during the period. Signaturefd LLC lifted its position in Borr Drilling by 666.6% in the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock worth $51,000 after buying an additional 6,839 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Borr Drilling during the 1st quarter valued at $88,000. Finally, SG Americas Securities LLC purchased a new position in shares of Borr Drilling during the 1st quarter valued at $89,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

About Borr Drilling

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.