Borr Drilling Limited (NYSE:BORR) Short Interest Update

Borr Drilling Limited (NYSE:BORR) was the recipient of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 16,876,256 shares, a growth of 23.2% from the February 26th total of 13,698,807 shares. Approximately 5.8% of the company’s stock are short sold. Based on an average daily volume of 7,627,640 shares, the short-interest ratio is currently 2.2 days.

Borr Drilling Stock Performance

Borr Drilling stock traded down $0.03 during mid-day trading on Tuesday, reaching $5.78. The company’s stock had a trading volume of 8,240,695 shares, compared to its average volume of 8,640,460. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 33.97 and a beta of 1.00. The business has a 50 day moving average price of $5.35 and a 200-day moving average price of $4.09. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. Borr Drilling has a twelve month low of $1.55 and a twelve month high of $6.25.

Borr Drilling (NYSE:BORR) last issued its earnings results on Saturday, February 14th. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.03. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%. The company had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $238.65 million.

Hedge Funds Weigh In On Borr Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. DNB Asset Management AS lifted its holdings in shares of Borr Drilling by 22,394.8% in the 3rd quarter. DNB Asset Management AS now owns 3,875,175 shares of the company’s stock worth $10,424,000 after purchasing an additional 3,857,948 shares during the last quarter. Sowell Financial Services LLC bought a new position in Borr Drilling during the 3rd quarter worth $874,000. Tejara Capital Ltd grew its stake in Borr Drilling by 56.6% during the 3rd quarter. Tejara Capital Ltd now owns 1,518,261 shares of the company’s stock worth $4,084,000 after buying an additional 548,441 shares during the last quarter. Tudor Investment Corp ET AL increased its position in Borr Drilling by 77.7% in the third quarter. Tudor Investment Corp ET AL now owns 657,411 shares of the company’s stock worth $1,768,000 after buying an additional 287,428 shares during the period. Finally, Pekin Hardy Strauss Inc. bought a new stake in Borr Drilling in the third quarter valued at $735,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BORR has been the subject of several research analyst reports. Wall Street Zen cut Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday. Citigroup upped their price target on shares of Borr Drilling from $6.00 to $6.25 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Finally, Weiss Ratings lowered shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $4.33.

Borr Drilling Company Profile

Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.

The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.