Short Interest in Borr Drilling Limited (NYSE:BORR) Expands By 57.8%

Borr Drilling Limited (NYSE:BORR) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 24,140,000 shares, an increase of 57.8% from the December 15th total of 15,300,000 shares. Currently, 10.5% of the shares of the stock are sold short. Based on an average trading volume of 3,980,000 shares, the days-to-cover ratio is currently 6.1 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BORR. Barclays PLC raised its stake in Borr Drilling by 52.9% during the third quarter. Barclays PLC now owns 718,537 shares of the company’s stock valued at $3,944,000 after purchasing an additional 248,482 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of Borr Drilling by 31.7% in the 3rd quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock worth $184,000 after buying an additional 8,054 shares during the last quarter. Goehring & Rozencwajg Associates LLC raised its position in shares of Borr Drilling by 10.7% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock valued at $6,289,000 after buying an additional 94,300 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Borr Drilling during the 3rd quarter valued at about $303,000. Finally, Renaissance Technologies LLC bought a new position in shares of Borr Drilling in the 2nd quarter valued at about $1,469,000. 83.12% of the stock is currently owned by institutional investors.

Borr Drilling Price Performance

BORR traded down $0.03 during trading on Friday, hitting $3.48. 3,696,660 shares of the company traded hands, compared to its average volume of 4,591,433. The company has a market cap of $877.72 million, a PE ratio of 10.53 and a beta of 2.89. Borr Drilling has a 1 year low of $3.29 and a 1 year high of $7.42. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. The stock’s 50-day simple moving average is $3.81 and its two-hundred day simple moving average is $5.08.

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

Borr Drilling Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.08 annualized dividend and a dividend yield of 2.30%. Borr Drilling’s dividend payout ratio (DPR) is 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.