Short Interest in Borr Drilling Limited (NYSE:BORR) Expands By 10.4%

Borr Drilling Limited (NYSE:BORR) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 10,150,000 shares, a growth of 10.4% from the September 15th total of 9,190,000 shares. Currently, 4.3% of the shares of the company are sold short. Based on an average trading volume of 1,790,000 shares, the days-to-cover ratio is presently 5.7 days.

Borr Drilling Price Performance

Shares of BORR traded down $0.04 during midday trading on Thursday, hitting $5.21. 1,911,040 shares of the company traded hands, compared to its average volume of 1,949,716. The stock has a 50-day moving average of $5.75 and a 200-day moving average of $6.02. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.57 and a quick ratio of 1.57. Borr Drilling has a one year low of $5.08 and a one year high of $7.61. The firm has a market cap of $794.53 million, a P/E ratio of 30.91 and a beta of 2.99.

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

Borr Drilling Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 22nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 7.68%. The ex-dividend date of this dividend was Thursday, August 22nd. Borr Drilling’s dividend payout ratio (DPR) is 58.82%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Borr Drilling

Institutional investors and hedge funds have recently bought and sold shares of the stock. Xponance Inc. lifted its stake in Borr Drilling by 13.3% during the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after purchasing an additional 1,767 shares during the last quarter. ProShare Advisors LLC grew its position in Borr Drilling by 8.5% during the first quarter. ProShare Advisors LLC now owns 39,513 shares of the company’s stock valued at $271,000 after acquiring an additional 3,110 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Borr Drilling by 4.5% during the first quarter. Bleakley Financial Group LLC now owns 90,901 shares of the company’s stock worth $623,000 after acquiring an additional 3,874 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Borr Drilling by 16.2% in the 1st quarter. Principal Financial Group Inc. now owns 29,567 shares of the company’s stock worth $203,000 after acquiring an additional 4,125 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Borr Drilling by 6.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,363 shares of the company’s stock valued at $454,000 after purchasing an additional 4,520 shares in the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.

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.