Ocean Rig UDW Inc. (NASDAQ:ORIG) shares shot up 4.3% during trading on Tuesday . The stock traded as high as $2.20 and last traded at $2.17, with a volume of 946,460 shares traded. The stock had previously closed at $2.08.

Several brokerages have commented on ORIG. Zacks Investment Research downgraded Ocean Rig UDW from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. Deutsche Bank AG lifted their price objective on Ocean Rig UDW from $3.00 to $4.00 and gave the stock 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 issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $2.49.

The company’s 50 day moving average is $2.64 and its 200 day moving average is $1.67.

Ocean Rig UDW (NASDAQ:ORIG) last released its quarterly earnings results on Thursday, May 19th. The company reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.45. The company earned $508 million during the quarter, compared to the consensus estimate of $424.66 million. Ocean Rig UDW’s quarterly revenue was up 26.3% on a year-over-year basis. 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 $2.52 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.

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