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

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

Borr Drilling Trading Up 0.6 %

Shares of Borr Drilling stock traded up $0.02 on Tuesday, hitting $2.34. 9,999,292 shares of the company traded hands, compared to its average volume of 3,051,363. The company has a market cap of $589.78 million, a PE ratio of 7.30 and a beta of 2.84. Borr Drilling has a 52 week low of $2.19 and a 52 week high of $7.26. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 1.91. The stock’s 50 day moving average price is $3.40 and its 200-day moving average price is $4.30.

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

Borr Drilling Announces Dividend

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

Hedge Funds Weigh In On Borr Drilling

Large investors have recently made changes to their positions in the business. Sterling Capital Management LLC grew its holdings in shares of Borr Drilling by 828.2% during the fourth 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 last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Borr Drilling during the 4th quarter worth about $59,000. Salvus Wealth Management LLC purchased a new stake in shares of Borr Drilling during the 4th quarter worth about $59,000. Natixis purchased a new stake in shares of Borr Drilling during the 4th quarter worth about $58,000. Finally, CacheTech Inc. purchased a new stake in shares of Borr Drilling during the 4th quarter worth about $81,000. 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.