Borr Drilling Limited (NYSE:BORR) Short Interest Up 5.6% in December

Borr Drilling Limited (NYSE:BORR) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 15,300,000 shares, a growth of 5.6% from the November 30th total of 14,490,000 shares. Approximately 6.5% of the shares of the company are short sold. Based on an average daily trading volume, of 3,520,000 shares, the days-to-cover ratio is presently 4.3 days.

Borr Drilling Price Performance

Shares of NYSE:BORR opened at $3.90 on Thursday. The firm’s 50 day moving average is $3.90 and its two-hundred day moving average is $5.25. The firm has a market capitalization of $985.07 million, a P/E ratio of 11.82 and a beta of 2.95. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. Borr Drilling has a 52 week low of $3.29 and a 52 week high of $7.47.

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

Borr Drilling Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Friday, November 29th. Borr Drilling’s dividend payout ratio is currently 30.30%.

Institutional Investors Weigh In On Borr Drilling

Several institutional investors have recently bought and sold shares of BORR. JPMorgan Chase & Co. raised its position in shares of Borr Drilling by 1.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 432,893 shares of the company’s stock worth $2,377,000 after buying an additional 7,682 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Borr Drilling during the third quarter valued at approximately $171,000. Barclays PLC increased its stake in shares of 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 acquiring an additional 248,482 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Borr Drilling during the third quarter worth approximately $341,000. Finally, XTX Topco Ltd acquired a new stake in Borr Drilling in the third quarter worth approximately $443,000. Institutional investors and hedge funds own 83.12% of the company’s stock.

Analysts Set New Price Targets

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

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.