Zacks Investment Research upgraded shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) from a hold rating to a buy rating in a research note issued to investors on Saturday morning. They currently have $1.00 price objective on the stock.
According to Zacks, “Ocean Rig UDW Inc. is engaged in providing offshore drilling services to oil and gas exploration, development and production drilling industry. The Company specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig UDW Inc., formerly known as Primelead Shareholders Inc., is based in Sandnes, Norway. “
Several other equities research analysts have also commented on the stock. Deutsche Bank AG lowered shares of Ocean Rig UDW from a buy rating to a hold rating and dropped their price target for the company from $4.00 to $1.00 in a research note on Tuesday, August 16th. Evercore ISI restated a hold rating on shares of Ocean Rig UDW in a research note on Thursday, June 30th. Six investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $1.03.
Ocean Rig UDW (NASDAQ:ORIG) opened at 0.8518 on Friday. Ocean Rig UDW has a 12 month low of $0.66 and a 12 month high of $3.38. The company has a 50-day moving average price of $0.81 and a 200 day moving average price of $1.68.
Ocean Rig UDW (NASDAQ:ORIG) last released its quarterly earnings data on Thursday, August 11th. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $0.72 by $1.11. The firm had revenue of $452.60 million for the quarter, compared to analyst estimates of $376.45 million. Ocean Rig UDW had a net margin of 21.68% and a return on equity of 14.78%. Ocean Rig UDW’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. Equities research analysts forecast that Ocean Rig UDW will post $2.99 earnings per share for the current year.
A number of hedge funds have recently modified their holdings of ORIG. California Public Employees Retirement System boosted its stake in shares of Ocean Rig UDW by 33.2% in the second quarter. California Public Employees Retirement System now owns 985,000 shares of the company’s stock worth $2,443,000 after buying an additional 245,500 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of Ocean Rig UDW by 29.8% in the second quarter. Private Advisor Group LLC now owns 169,905 shares of the company’s stock worth $389,000 after buying an additional 39,038 shares during the last quarter. Acrospire Investment Management LLC acquired a new stake in shares of Ocean Rig UDW during the second quarter worth $136,000. Spark Investment Management LLC boosted its stake in shares of Ocean Rig UDW by 157.5% in the first quarter. Spark Investment Management LLC now owns 1,433,100 shares of the company’s stock worth $1,175,000 after buying an additional 876,549 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware acquired a new stake in shares of Ocean Rig UDW during the second quarter worth $1,821,000. Hedge funds and other institutional investors own 17.66% of the company’s stock.
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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