Short Interest in Borr Drilling Limited (NYSE:BORR) Expands By 23.2%

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

Institutional Investors Weigh In On Borr Drilling

Hedge funds have recently added to or reduced their stakes in the company. 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 in the last quarter. Sowell Financial Services LLC bought a new stake in Borr Drilling during the 3rd quarter valued at $874,000. Tejara Capital Ltd raised its holdings in Borr Drilling by 56.6% during the third 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 raised its holdings in Borr Drilling by 77.7% during 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 last quarter. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of Borr Drilling in the third quarter valued at $735,000. Institutional investors and hedge funds own 83.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BORR shares. Weiss Ratings downgraded shares of Borr Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday. Citigroup lifted their price objective on Borr Drilling from $6.00 to $6.25 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Finally, Wall Street Zen downgraded Borr Drilling from a “hold” rating to a “sell” rating in a research note on Saturday. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Borr Drilling presently has an average rating of “Reduce” and an average price target of $4.33.

Borr Drilling Stock Down 0.1%

NYSE:BORR traded down $0.01 during trading hours on Wednesday, reaching $5.77. The company had a trading volume of 2,766,658 shares, compared to its average volume of 7,185,182. Borr Drilling has a twelve month low of $1.55 and a twelve month high of $6.25. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 1.65. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 33.91 and a beta of 1.00. The business’s 50-day simple moving average is $5.35 and its two-hundred day simple moving average is $4.09.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings data on Saturday, February 14th. The company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.03. The firm had revenue of $259.40 million for the quarter, compared to analyst estimates of $238.65 million. Borr Drilling had a net margin of 4.41% and a return on equity of 4.14%.

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.