Zacks Investment Research Upgrades Ocean Rig UDW Inc. (ORIG) to Buy
Ocean Rig UDW Inc. (NASDAQ:ORIG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm presently has a $1.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 17.40% from the stock’s current price.
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. “
Other analysts also recently issued research reports about the company. Deutsche Bank AG downgraded 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 report on Tuesday, August 16th. Evercore ISI reiterated a “hold” rating on shares of Ocean Rig UDW in a research report on Thursday, June 30th. Six research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $1.03.
Shares of Ocean Rig UDW (NASDAQ:ORIG) opened at 0.8518 on Friday. The firm has a 50-day moving average of $0.81 and a 200 day moving average of $1.68. Ocean Rig UDW has a 52-week low of $0.66 and a 52-week 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 for the quarter, beating the Zacks’ consensus estimate of $0.72 by $1.11. The business earned $452.60 million during 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 company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. On average, 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 added to or reduced their stakes in ORIG. KCG Holdings Inc. bought a new stake in shares of Ocean Rig UDW during the second quarter valued at $128,000. Acrospire Investment Management LLC bought a new stake in shares of Ocean Rig UDW during the second quarter valued at $136,000. Parametric Portfolio Associates LLC bought a new stake in shares of Ocean Rig UDW during the second quarter valued at $137,000. Highbridge Capital Management LLC bought a new stake in shares of Ocean Rig UDW during the second quarter valued at $165,000. Finally, Sheaff Brock Investment Advisors LLC bought a new stake in shares of Ocean Rig UDW during the second quarter valued at $170,000. 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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