Borr Drilling Limited (NYSE:BORR) Short Interest Down 6.8% in March

Borr Drilling Limited (NYSE:BORR) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 7,820,000 shares, a decrease of 6.8% from the March 15th total of 8,390,000 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily trading volume, of 2,110,000 shares, the short-interest ratio is currently 3.7 days.

Borr Drilling Trading Down 1.7 %

Shares of NYSE:BORR opened at $5.75 on Tuesday. Borr Drilling has a 52-week low of $5.69 and a 52-week high of $9.01. The company has a market capitalization of $876.82 million, a P/E ratio of 71.88 and a beta of 3.02. The company has a 50-day simple moving average of $6.35 and a 200 day simple moving average of $6.54. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.14 and a current ratio of 1.14.

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

Borr Drilling Announces Dividend

The company also recently announced a monthly dividend, which was paid on Monday, March 18th. Investors 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 10.43%.

Institutional Investors Weigh In On Borr Drilling

Several hedge funds have recently bought and sold shares of BORR. Quadrant Capital Group LLC lifted its stake in Borr Drilling by 111.6% in the 4th quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company’s stock valued at $33,000 after purchasing an additional 2,359 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Borr Drilling by 157.1% during the third quarter. Tower Research Capital LLC TRC now owns 14,059 shares of the company’s stock worth $47,000 after acquiring an additional 8,591 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Borr Drilling during the second quarter worth approximately $59,000. Principal Financial Group Inc. acquired a new stake in Borr Drilling during the second quarter worth approximately $62,000. Finally, JPMorgan Chase & Co. acquired a new stake in Borr Drilling during the first quarter worth approximately $66,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Evercore ISI reduced their price objective on shares of Borr Drilling from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Friday, February 23rd.

About Borr Drilling

Borr Drilling Limited operates as an offshore 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.