Borr Drilling Limited (NYSE:BORR) Short Interest Update

Borr Drilling Limited (NYSE:BORR) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 11,570,000 shares, a decrease of 7.0% from the October 31st total of 12,440,000 shares. Approximately 4.9% of the company’s stock are sold short. Based on an average trading volume of 2,950,000 shares, the days-to-cover ratio is presently 3.9 days.

Institutional Trading of Borr Drilling

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new position in shares of Borr Drilling in the second quarter valued at approximately $30,000. Signaturefd LLC increased its stake in Borr Drilling by 666.6% in the second quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock valued at $51,000 after purchasing an additional 6,839 shares during the last quarter. Xponance Inc. boosted its stake in Borr Drilling by 13.3% in the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock worth $97,000 after buying an additional 1,767 shares during the last quarter. Sei Investments Co. purchased a new stake in Borr Drilling in the 2nd quarter valued at about $99,000. Finally, SCP Investment LP acquired a new position in shares of Borr Drilling during the 3rd quarter valued at about $158,000. 83.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Borr Drilling Stock Down 2.3 %

BORR stock traded down $0.08 on Tuesday, hitting $3.67. 3,657,183 shares of the company’s stock were exchanged, compared to its average volume of 4,333,299. Borr Drilling has a 12-month low of $3.61 and a 12-month high of $7.61. The firm has a 50 day moving average price of $4.62 and a two-hundred day moving average price of $5.68. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 1.91.

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

Borr Drilling Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, November 29th. Borr Drilling’s dividend payout ratio (DPR) is presently 30.30%.

About Borr Drilling

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.