Short Interest in Borr Drilling Limited (NYSE:BORR) Decreases By 7.0%

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

Borr Drilling Stock Down 2.3 %

NYSE BORR traded down $0.08 on Tuesday, reaching $3.67. The stock had a trading volume of 3,657,183 shares, 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 business’s 50-day moving average price is $4.62 and its 200 day moving average price is $5.68. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41.

Borr Drilling (NYSE:BORR) last issued 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 return on equity of 8.50% and a net margin of 8.70%. The business had revenue of $241.60 million for the quarter.

Borr Drilling Cuts Dividend

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Borr Drilling

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Borr Drilling by 28.0% in 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 purchasing an additional 180,910 shares in the last quarter. Private Advisor Group LLC grew its holdings in Borr Drilling by 31.7% during the third quarter. Private Advisor Group LLC now owns 33,443 shares of the company’s stock worth $184,000 after acquiring an additional 8,054 shares during the period. Goehring & Rozencwajg Associates LLC boosted its position in shares of Borr Drilling by 10.7% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 975,052 shares of the company’s stock worth $6,289,000 after purchasing an additional 94,300 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Borr Drilling during the 2nd quarter worth $1,469,000. Finally, SG Americas Securities LLC increased its holdings in shares of Borr Drilling by 40.4% in the 3rd quarter. SG Americas Securities LLC now owns 79,755 shares of the company’s stock valued at $438,000 after purchasing an additional 22,943 shares in the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.

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.