Ocean Rig UDW Inc. (ORIG) Hits New 52-Week Low at $0.10
Shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) reached a new 52-week low on Wednesday . The stock traded as low as $0.10 and last traded at $0.10, with a volume of 6,328,124 shares trading hands. The stock had previously closed at $0.16.
Several analysts have weighed in on the stock. Zacks Investment Research lowered shares of Ocean Rig UDW from a “buy” rating to a “hold” rating in a research note on Wednesday, May 24th. ValuEngine lowered shares of Ocean Rig UDW from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd.
The firm’s market capitalization is $7.71 million. The firm’s 50 day moving average is $0.18 and its 200-day moving average is $0.26. Ocean Rig UDW’s stock is scheduled to reverse split on Friday, September 22nd. The 1-9200 reverse split was announced on Tuesday, September 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, September 21st.
A number of institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its stake in Ocean Rig UDW by 109.1% during the second quarter. Goldman Sachs Group Inc. now owns 650,943 shares of the oil and gas company’s stock worth $103,000 after acquiring an additional 339,692 shares in the last quarter. KCG Holdings Inc. acquired a new position in Ocean Rig UDW during the first quarter worth $149,000. Finally, California Public Employees Retirement System raised its stake in Ocean Rig UDW by 25.4% during the first quarter. California Public Employees Retirement System now owns 2,113,100 shares of the oil and gas company’s stock worth $603,000 after acquiring an additional 428,600 shares in the last quarter. Hedge funds and other institutional investors own 10.73% of the company’s stock.
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About Ocean Rig UDW
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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