Ocean Rig UDW Inc. (NASDAQ:ORIG) traded down 4.7% on Wednesday . The company traded as low as $2.55 and last traded at $2.63, with a volume of 1,625,783 shares trading hands. The stock had previously closed at $2.76.

A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.75 price objective on the stock in a research report on Wednesday, June 29th. Evercore ISI reaffirmed a “hold” rating on shares of Ocean Rig UDW in a research report on Thursday, June 30th. Finally, Deutsche Bank AG raised their price objective on Ocean Rig UDW from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Tuesday, May 24th. Six investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Ocean Rig UDW presently has an average rating of “Hold” and a consensus price target 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 released its earnings results on Thursday, May 19th. The company reported $1.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.45. During the same period in the previous year, the firm earned $0.31 earnings per share. The company had revenue of $508 million for the quarter, compared to analyst estimates of $424.66 million. The company’s revenue for the quarter was up 26.3% compared to the same quarter last year. Equities analysts predict that Ocean Rig UDW Inc. will post $2.65 EPS 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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