Borr Drilling Limited (NYSE:BORR – Get Free Report) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 7,820,000 shares, a decline of 6.8% from the March 15th total of 8,390,000 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily volume of 2,110,000 shares, the short-interest ratio is currently 3.7 days.
Wall Street Analysts Forecast Growth
Separately, Evercore ISI cut their price target on shares of Borr Drilling from $10.00 to $9.00 and set an “in-line” rating on the stock in a research report on Friday, February 23rd.
Read Our Latest Stock Analysis on BORR
Borr Drilling Stock Up 1.6 %
Borr Drilling (NYSE:BORR – Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. The firm had revenue of $220.60 million for the quarter. Borr Drilling had a net margin of 2.86% and a return on equity of 2.38%.
Borr Drilling Dividend Announcement
The company also recently disclosed a monthly dividend, which was paid on Monday, March 18th. Stockholders of record on Monday, March 4th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $0.60 annualized dividend and a dividend yield of 10.47%.
Hedge Funds Weigh In On Borr Drilling
Large investors have recently modified their holdings of the company. Quadrant Capital Group LLC increased its holdings in Borr Drilling by 111.6% during the 4th quarter. Quadrant Capital Group LLC now owns 4,472 shares of the company’s stock worth $33,000 after purchasing an additional 2,359 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings 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 buying an additional 8,591 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Borr Drilling in the 2nd quarter valued at $59,000. Principal Financial Group Inc. bought a new position in Borr Drilling during the 2nd quarter valued at $62,000. Finally, JPMorgan Chase & Co. purchased a new position in Borr Drilling during the 1st quarter worth $66,000. 83.12% of the stock is currently owned by institutional investors.
Borr Drilling Company Profile
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.
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