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

Borr Drilling Limited (NYSE:BORR) was the recipient of a large 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. Based on an average daily volume of 3,980,000 shares, the days-to-cover ratio is presently 6.1 days. Currently, 10.5% of the company’s shares are sold short.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Rhumbline Advisers raised its holdings in shares of Borr Drilling by 24.4% in the second quarter. Rhumbline Advisers now owns 371,945 shares of the company’s stock worth $2,399,000 after buying an additional 73,008 shares during the period. Renaissance Technologies LLC purchased a new stake in Borr Drilling in the second quarter worth $1,469,000. Goehring & Rozencwajg Associates LLC lifted its position in shares of Borr Drilling by 10.7% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after purchasing an additional 94,300 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Borr Drilling during the second quarter valued at $99,000. Finally, Xponance Inc. grew its holdings in shares of Borr Drilling by 13.3% in 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. Hedge funds and other institutional investors own 83.12% of the company’s stock.

Borr Drilling Trading Down 0.7 %

NYSE:BORR traded down $0.03 during midday 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 firm has a market capitalization of $877.72 million, a P/E ratio of 10.53 and a beta of 2.89. The firm’s fifty day moving average is $3.81 and its 200-day moving average is $5.08. Borr Drilling has a 12-month low of $3.29 and a 12-month 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.

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

Borr Drilling Cuts Dividend

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