Traynor Capital Management Inc. reduced its position in shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) by 5.1% during the second quarter, Holdings Channel reports. The firm owned 83,000 shares of the company’s stock after selling 4,500 shares during the period. Traynor Capital Management Inc.’s holdings in Ocean Rig UDW were worth $196,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Spark Investment Management LLC increased its position 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 period. Geode Capital Management LLC increased its position in shares of Ocean Rig UDW by 57.2% in the first quarter. Geode Capital Management LLC now owns 1,097,547 shares of the company’s stock worth $899,000 after buying an additional 399,500 shares during the period. Finally, Lucus Advisors LLC purchased a new position in shares of Ocean Rig UDW during the second quarter worth approximately $336,000. 17.66% of the stock is owned by institutional investors and hedge funds.
Shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) traded down 1.4231% during mid-day trading on Wednesday, reaching $0.7689. 2,417,060 shares of the company’s stock traded hands. The firm has a 50-day moving average of $0.90 and a 200 day moving average of $1.70. Ocean Rig UDW Inc. has a 12-month low of $0.66 and a 12-month high of $3.38.
Ocean Rig UDW (NASDAQ:ORIG) last posted its earnings results on Thursday, August 11th. The company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $1.11. Ocean Rig UDW had a net margin of 21.68% and a return on equity of 14.78%. The firm earned $452.60 million during the quarter, compared to analyst estimates of $376.45 million. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. On average, analysts anticipate that Ocean Rig UDW Inc. will post $2.95 earnings per share for the current fiscal year.
A number of research analysts have recently commented on ORIG shares. Deutsche Bank AG downgraded shares of Ocean Rig UDW from a “buy” rating to a “hold” rating and decreased their price objective for the company from $4.00 to $1.00 in a research report on Tuesday, August 16th. Zacks Investment Research upgraded shares of Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.75 target price for the company in a research note on Wednesday, June 29th. Finally, Evercore ISI restated a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 9th. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $1.28.
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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