Ocean Rig UDW Inc. (NASDAQ:ORIG) shares fell 5.2% during mid-day trading on Tuesday . The stock traded as low as $2.37 and last traded at $2.38, with a volume of 1,511,480 shares changing hands. The stock had previously closed at $2.51.

Several analysts recently commented on the company. Zacks Investment Research upgraded Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.25 target price on the stock in a report on Saturday, April 30th. Evercore ISI reiterated a “hold” rating on shares of Ocean Rig UDW in a report on Thursday, June 30th. Finally, Deutsche Bank AG upped their target price on Ocean Rig UDW from $3.00 to $4.00 and gave the company a “buy” rating in a report on Tuesday, May 24th. Six equities 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 stock. The company presently has a consensus rating of “Hold” and a consensus price target of $2.49.

The stock has a 50-day moving average price of $2.65 and a 200-day moving average price of $1.66.

Ocean Rig UDW (NASDAQ:ORIG) last announced 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 firm had revenue of $508 million for the quarter, compared to analysts’ expectations of $424.66 million. The business’s quarterly revenue was up 26.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. On average, equities research analysts expect that Ocean Rig UDW Inc. will post $2.65 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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