Ocean Rig UDW Inc. (NASDAQ:ORIG) Receives Average Recommendation of “Hold” from Analysts
Shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) have been given a consensus rating of “Hold” by the twelve brokerages that are currently covering the stock. Six equities research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $1.12.
ORIG has been the subject of several recent research reports. Zacks Investment Research upgraded Ocean Rig UDW from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Deutsche Bank AG downgraded Ocean Rig UDW from a “buy” rating to a “hold” rating and reduced their price target for the company from $4.00 to $1.00 in a research note on Tuesday, August 16th. Finally, Evercore ISI restated a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 30th.
Shares of Ocean Rig UDW (NASDAQ:ORIG) traded down 2.82% during mid-day trading on Friday, hitting $0.86. The stock had a trading volume of 209,433 shares. Ocean Rig UDW has a 1-year low of $0.66 and a 1-year high of $3.38. The stock’s 50-day moving average price is $0.81 and its 200 day moving average price is $1.68.
Ocean Rig UDW (NASDAQ:ORIG) last posted its earnings results on Thursday, August 11th. The company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $1.11. The business had revenue of $452.60 million for the quarter, compared to analyst estimates of $376.45 million. Ocean Rig UDW had a return on equity of 14.78% and a net margin of 21.68%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 EPS. Analysts forecast that Ocean Rig UDW will post $2.99 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC bought a new stake in Ocean Rig UDW during the second quarter worth $165,000. Walleye Trading LLC increased its stake in Ocean Rig UDW by 57,566.9% in the second quarter. Walleye Trading LLC now owns 78,427 shares of the company’s stock worth $194,000 after buying an additional 78,291 shares during the last quarter. Bridgeway Capital Management Inc. bought a new stake in Ocean Rig UDW during the second quarter worth $1,119,000. Parametric Portfolio Associates LLC bought a new stake in Ocean Rig UDW during the second quarter worth $137,000. Finally, KCG Holdings Inc. bought a new stake in Ocean Rig UDW during the second quarter worth $128,000. Hedge funds and other institutional investors own 17.66% of the company’s stock.
Ocean Rig UDW Company Profile
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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