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

Borr Drilling Limited (NYSE:BORR) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 9,190,000 shares, an increase of 12.2% from the August 31st total of 8,190,000 shares. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is presently 5.0 days. Approximately 4.1% of the company’s stock are short sold.

Hedge Funds Weigh In On Borr Drilling

Several institutional investors and hedge funds have recently made changes to their positions in the business. Capital International Investors grew its position in Borr Drilling by 35.4% during the 1st quarter. Capital International Investors now owns 17,608,781 shares of the company’s stock worth $116,834,000 after acquiring an additional 4,601,527 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Borr Drilling by 2.2% in the first quarter. Vanguard Group Inc. now owns 9,473,089 shares of the company’s stock worth $64,891,000 after purchasing an additional 202,118 shares during the last quarter. Capital International Inc. CA increased its stake in shares of Borr Drilling by 19.5% in the first quarter. Capital International Inc. CA now owns 2,646,820 shares of the company’s stock worth $18,131,000 after buying an additional 431,861 shares during the period. Goehring & Rozencwajg Associates LLC increased its stake in shares of Borr Drilling by 10.7% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after buying an additional 94,300 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Borr Drilling by 28.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 827,121 shares of the company’s stock valued at $5,335,000 after buying an additional 180,910 shares during the last quarter. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Price Performance

BORR traded up $0.28 during trading on Friday, reaching $5.62. The stock had a trading volume of 1,833,300 shares, compared to its average volume of 1,950,127. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.57 and a current ratio of 1.57. The business has a 50-day moving average of $6.01 and a 200-day moving average of $6.15. Borr Drilling has a one year low of $5.09 and a one year high of $7.61. The stock has a market cap of $857.05 million, a PE ratio of 33.06 and a beta of 3.00.

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

Borr Drilling Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Thursday, August 22nd were paid a $0.10 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.12%. Borr Drilling’s dividend payout ratio (DPR) is 58.82%.

Analysts Set New Price Targets

Separately, Evercore ISI raised Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 target price 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.