Borr Drilling Limited (NYSE:BORR) Sees Significant Growth in Short Interest

Borr Drilling Limited (NYSE:BORR) saw 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 currently 6.1 days. Currently, 10.5% of the shares of the stock are sold short.

Borr Drilling Price Performance

Shares of NYSE BORR traded down $0.04 during mid-day trading on Friday, reaching $3.47. The company’s stock had a trading volume of 5,199,123 shares, compared to its average volume of 4,713,818. The stock has a market capitalization of $875.20 million, a P/E ratio of 10.50 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 stock has a 50-day moving average of $3.81 and a two-hundred day moving average of $5.08. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

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

Borr Drilling Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Friday, November 29th. Borr Drilling’s payout ratio is 30.30%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BORR. Xponance Inc. boosted its holdings in Borr Drilling by 13.3% in the second quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after purchasing an additional 1,767 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Borr Drilling during the 2nd quarter worth $30,000. SG Americas Securities LLC raised its holdings in Borr Drilling by 6.9% during the fourth quarter. SG Americas Securities LLC now owns 85,255 shares of the company’s stock worth $332,000 after purchasing an additional 5,500 shares in the last quarter. JPMorgan Chase & Co. raised its stake 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. Finally, Private Advisor Group LLC lifted its holdings in Borr Drilling by 31.7% in the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock valued at $184,000 after acquiring an additional 8,054 shares during the period. 83.12% of the stock is currently 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.