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

Borr Drilling Limited (NYSE:BORR) saw a large 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. Approximately 5.8% of the shares of the company are short sold. Based on an average trading volume of 7,627,640 shares, the days-to-cover ratio is currently 2.2 days.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Citigroup upped their price target on Borr Drilling from $6.00 to $6.25 and gave the company 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 report on Friday. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Borr Drilling has an average rating of “Reduce” and an average target price of $4.33.

Hedge Funds Weigh In On Borr Drilling

Several hedge funds and other institutional investors have recently modified their holdings of the company. Oak Thistle LLC bought a new position in shares of Borr Drilling during the third quarter worth about $29,000. Baader Bank Aktiengesellschaft acquired a new position in Borr Drilling during the 3rd quarter valued at about $30,000. Jamison Private Wealth Management Inc. acquired a new position in Borr Drilling during the 3rd quarter valued at about $31,000. Caitong International Asset Management Co. Ltd grew its position in Borr Drilling by 2,435.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 8,467 shares of the company’s stock worth $34,000 after purchasing an additional 8,133 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in Borr Drilling in the 3rd quarter worth about $35,000. Institutional investors and hedge funds own 83.12% of the company’s stock.

Borr Drilling Stock Performance

Shares of NYSE:BORR traded down $0.27 during trading on Monday, hitting $5.79. 8,169,741 shares of the company traded hands, compared to its average volume of 7,243,603. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 34.03 and a beta of 1.00. The business’s fifty day moving average is $5.28 and its 200-day moving average is $4.05. Borr Drilling has a one year low of $1.55 and a one year high of $6.25. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Wednesday, February 18th. The company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.03. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.The business had revenue of $259.40 million for the quarter, compared to the consensus estimate of $238.65 million.

Borr Drilling Company Profile

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.