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

ORIG has been the topic of several recent research reports. Deutsche Bank AG increased their target price on Ocean Rig UDW from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Tuesday, May 24th. Zacks Investment Research upgraded Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.75 target price on the stock in a research report on Wednesday, June 29th. Finally, Evercore ISI restated a “hold” rating on shares of Ocean Rig UDW in a research report on Thursday, June 30th. 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. Ocean Rig UDW presently has a consensus rating of “Hold” and an average target price of $2.49.

The company’s 50-day moving average price is $2.64 and its 200-day moving average price is $1.63.

Ocean Rig UDW (NASDAQ:ORIG) last posted its 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% on a year-over-year basis. Equities analysts anticipate that Ocean Rig UDW Inc. will post $2.65 earnings per share 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.