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

Several research firms have recently weighed in on ORIG. Zacks Investment Research raised shares of Ocean Rig UDW from a “sell” rating to a “hold” rating in a report on Wednesday. Evercore ISI reaffirmed 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 shares of Ocean Rig UDW from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, May 24th. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $2.49.

The stock’s 50-day moving average price is $2.35 and its 200-day moving average price is $1.72.

Ocean Rig UDW (NASDAQ:ORIG) last announced its earnings results on Thursday, May 19th. The company reported $1.17 EPS 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 earned $0.31 earnings per share. The company earned $508 million during the quarter, compared to the consensus estimate of $424.66 million. The business’s revenue was up 26.3% on a year-over-year basis. Equities research analysts expect 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.

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