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

Borr Drilling Limited (NYSE:BORR) was the recipient of a large drop in short interest in the month of February. As of February 15th, there was short interest totalling 18,250,000 shares, a drop of 20.4% from the January 31st total of 22,920,000 shares. Approximately 8.2% of the company’s shares are short sold. Based on an average daily volume of 5,160,000 shares, the short-interest ratio is currently 3.5 days.

Borr Drilling Trading Up 0.6 %

Shares of NYSE:BORR traded up $0.02 during mid-day trading on Tuesday, reaching $2.34. 9,999,292 shares of the company were exchanged, compared to its average volume of 3,051,363. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The firm has a market cap of $589.78 million, a price-to-earnings ratio of 7.30 and a beta of 2.84. The firm’s 50-day simple moving average is $3.40 and its 200 day simple moving average is $4.30. Borr Drilling has a 1 year low of $2.19 and a 1 year high of $7.26.

Borr Drilling (NYSE:BORR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Borr Drilling had a return on equity of 8.27% and a net margin of 8.12%. The company had revenue of $263.10 million for the quarter, compared to analysts’ expectations of $247.78 million.

Borr Drilling Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd will be given a $0.02 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.08 annualized dividend and a yield of 3.43%. Borr Drilling’s dividend payout ratio is presently 31.25%.

Hedge Funds Weigh In On Borr Drilling

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its position in Borr Drilling by 828.2% in the 4th quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock valued at $30,000 after buying an additional 6,775 shares during the period. Natixis purchased a new position in Borr Drilling in the 4th quarter valued at approximately $58,000. Salvus Wealth Management LLC purchased a new position in Borr Drilling in the 4th quarter valued at approximately $59,000. SBI Securities Co. Ltd. purchased a new position in Borr Drilling in the 4th quarter valued at approximately $59,000. Finally, CacheTech Inc. purchased a new position in Borr Drilling in the 4th quarter valued at approximately $81,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

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.