Ocean Rig UDW Inc. (ORIG) Sees Strong Trading Volume
Ocean Rig UDW Inc. (NASDAQ:ORIG) shares saw unusually-high trading volume on Tuesday . Approximately 2,455,644 shares were traded during mid-day trading, an increase of 6% from the previous session’s volume of 2,315,989 shares.The stock last traded at $2.79 and had previously closed at $2.53.
ORIG has been the subject of a number of research analyst reports. Evercore ISI reissued a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 30th. Zacks Investment Research raised Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a research note on Saturday, April 30th. Finally, Deutsche Bank AG boosted their target price on Ocean Rig UDW from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 24th. Six 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. The stock currently has a consensus rating of “Hold” and an average target price of $2.49.
The stock has a 50 day moving average of $2.62 and a 200-day moving average of $1.62.
Ocean Rig UDW (NASDAQ:ORIG) last posted its quarterly earnings results on Thursday, May 19th. The company reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.45. During the same period last year, the firm posted $0.31 EPS. The company earned $508 million during the quarter, compared to the consensus estimate of $424.66 million. The company’s revenue for the quarter was up 26.3% compared to the same quarter last year. On average, analysts expect that Ocean Rig UDW Inc. will post $2.62 earnings per share for the current 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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