Ocean Rig UDW Inc. (NASDAQ:ORIG) shares shot up 9.5% during mid-day trading on Monday . The company traded as high as $2.12 and last traded at $2.08, with a volume of 1,678,019 shares trading hands. The stock had previously closed at $1.90.

A number of research firms have issued reports on ORIG. Evercore ISI reiterated a “hold” rating on shares of Ocean Rig UDW in a research report on Thursday, June 9th. 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, Deutsche Bank AG lifted their target price on Ocean Rig UDW from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Tuesday, May 24th. Six analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Ocean Rig UDW presently has an average rating of “Hold” and a consensus price target of $2.49.

The firm has a 50 day moving average of $2.40 and a 200-day moving average of $1.70.

Ocean Rig UDW (NASDAQ:ORIG) last issued its quarterly earnings data on Thursday, May 19th. The company reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.45. During the same period last 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 revenue for the quarter was up 26.3% on a year-over-year basis. Equities analysts forecast that Ocean Rig UDW Inc. will post $2.52 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.