Ocean Rig UDW Inc. (NASDAQ:ORIG) shares shot up 2.6% on Thursday . The company traded as high as $2.44 and last traded at $2.35, with a volume of 1,599,970 shares changing hands. The stock had previously closed at $2.29.

A number of research firms recently weighed in on ORIG. Evercore ISI reiterated a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 9th. Zacks Investment Research upgraded shares of Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.75 price objective for the company in a research note on Wednesday, June 29th. Deutsche Bank AG lifted their price objective on shares of Ocean Rig UDW from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 24th. Simmons lowered shares of Ocean Rig UDW from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $1.00 to $0.65 in a research note on Friday, March 11th. Finally, Piper Jaffray Cos. lowered shares of Ocean Rig UDW from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $1.00 to $0.65 in a research note on Friday, March 11th. Six investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Ocean Rig UDW presently has an average rating of “Hold” and an average target price of $2.49.

The stock has a 50 day moving average price of $2.56 and a 200-day moving average price of $1.59.

Ocean Rig UDW (NASDAQ:ORIG) last issued its quarterly earnings data on Thursday, May 19th. The company reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.45. The company had revenue of $508 million for the quarter, compared to the consensus estimate of $424.66 million. During the same quarter last year, the company earned $0.31 EPS. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. Analysts expect that Ocean Rig UDW Inc. will post $2.62 EPS for the current fiscal year.

Ocean Rig UDW Inc is a Cyprus-based offshore drilling contractor that provides oilfield services for oil and gas exploration, development and production drilling, and specializes in the ultra-deepwater and harsh-environment segment of the drilling industry. The Company owns and operates approximately 13 offshore ultra deepwater drilling units, comprising of ultra deepwater semisubmersible drilling rigs and ultra deepwater drill-ships.

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