Ocean Rig UDW Inc. (ORIG) Shares Down 4.2%
Shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) fell 4.2% on Tuesday . The stock traded as low as $2.01 and last traded at $2.04, with a volume of 1,087,329 shares changing hands. The stock had previously closed at $2.13.
Several research firms recently weighed in on ORIG. Zacks Investment Research upgraded shares of Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.75 price target on the stock in a report on Wednesday, June 29th. Evercore ISI reiterated a “hold” rating on shares of Ocean Rig UDW in a report on Thursday, June 30th. Finally, Deutsche Bank AG lifted their price target on shares of 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, five have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $2.49.
The stock has a 50-day moving average of $2.32 and a 200-day moving average of $1.73.
Ocean Rig UDW (NASDAQ:ORIG) last released its quarterly earnings results on Thursday, May 19th. The company reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.45. During the same quarter in the previous year, the company posted $0.31 EPS. The company 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. On average, analysts anticipate that Ocean Rig UDW Inc. will post $2.52 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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