Short Interest in Borr Drilling Limited (NYSE:BORR) Grows By 11.3%

Borr Drilling Limited (NYSE:BORR - Get Free Report) was the target of a significant increase in short interest during the month of April. As of April 30th, there was short interest totalling 8,800,000 shares, an increase of 11.3% from the April 15th total of 7,910,000 shares. Approximately 3.9% of the company's shares are sold short. Based on an average daily volume of 2,180,000 shares, the short-interest ratio is presently 4.0 days.

Hedge Funds Weigh In On Borr Drilling

A number of hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC lifted its stake in Borr Drilling by 111.6% in the fourth quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company's stock valued at $33,000 after acquiring an additional 2,359 shares during the last quarter. Covestor Ltd boosted its holdings in Borr Drilling by 31,600.0% in the first quarter. Covestor Ltd now owns 5,706 shares of the company's stock worth $39,000 after purchasing an additional 5,688 shares in the last quarter. Ballentine Partners LLC acquired a new position in Borr Drilling during the first quarter worth $88,000. SG Americas Securities LLC bought a new position in Borr Drilling during the first quarter valued at about $89,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Borr Drilling in the third quarter worth about $94,000. 83.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Evercore ISI cut their price objective on Borr Drilling from $10.00 to $9.00 and set an "in-line" rating on the stock in a report on Friday, February 23rd.

Borr Drilling Trading Up 0.3 %

NYSE BORR traded up $0.01 on Friday, hitting $5.90. 1,279,416 shares of the stock were exchanged, compared to its average volume of 2,035,052. The company's 50-day moving average price is $6.02 and its two-hundred day moving average price is $6.34. The company has a market capitalization of $898.93 million, a price-to-earnings ratio of 73.70 and a beta of 3.06. Borr Drilling has a 52-week low of $5.19 and a 52-week high of $9.01. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.14 and a quick ratio of 1.14.

Borr Drilling (NYSE:BORR - Get Free Report) last posted its quarterly earnings results on Thursday, February 22nd. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. Borr Drilling had a return on equity of 2.38% and a net margin of 2.86%. The firm had revenue of $220.60 million for the quarter.

Borr Drilling Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, March 18th. Shareholders of record on Monday, March 4th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $0.60 annualized dividend and a yield of 10.18%.

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.