Ocean Rig UDW Inc. (NASDAQ:ORIG) traded down 5.2% during mid-day trading on Tuesday . The company 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.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Ocean Rig UDW from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. Deutsche Bank AG increased their price objective 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. Finally, Evercore ISI reissued a “hold” rating on shares of Ocean Rig UDW in a report on Thursday, June 9th. Six research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $2.49.

The stock has a 50 day moving average price of $2.66 and a 200 day moving average price of $1.65.

Ocean Rig UDW (NASDAQ:ORIG) last announced its earnings results on Thursday, May 19th. The company reported $1.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.45. The business had revenue of $508 million for the quarter, compared to analyst estimates of $424.66 million. The company’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. On average, analysts anticipate 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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