Ocean Rig UDW Inc. (NASDAQ:ORIG) shares dropped 10.4% during trading on Tuesday . The stock traded as low as $2.33 and last traded at $2.33, with a volume of 1,650,356 shares changing hands. The stock had previously closed at $2.60.

ORIG has been the subject of several research reports. Piper Jaffray Cos. lowered shares of Ocean Rig UDW from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $1.00 to $0.65 in a report on Friday, March 11th. Deutsche Bank AG decreased their price target on shares of Ocean Rig UDW from $9.00 to $3.00 and set a “buy” rating for the company in a report on Friday, March 11th. Simmons lowered shares of Ocean Rig UDW from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $1.00 to $0.65 in a report on Friday, March 11th. Zacks Investment Research raised shares of Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.25 price target for the company in a report on Saturday, April 30th. Finally, Evercore ISI reaffirmed a “hold” rating on shares of Ocean Rig UDW in a report on Thursday, June 9th. Six research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Ocean Rig UDW presently has a consensus rating of “Hold” and a consensus target price of $2.49.

The firm 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 released its earnings results on Thursday, May 19th. The company reported $1.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.45. The company had revenue of $508 million for the quarter, compared to analyst estimates of $424.66 million. Ocean Rig UDW’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 earnings per share. Analysts predict 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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