California Public Employees Retirement System increased its stake in Ocean Rig UDW Inc. (NASDAQ:ORIG) by 33.2% during the second quarter, Holdings Channel reports. The institutional investor owned 985,000 shares of the company’s stock after buying an additional 245,500 shares during the period. California Public Employees Retirement System’s holdings in Ocean Rig UDW were worth $2,443,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ORIG. Lucus Advisors LLC acquired a new position in Ocean Rig UDW during the second quarter valued at approximately $336,000. Geode Capital Management LLC raised its position in 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 valued at $899,000 after buying an additional 399,500 shares during the period. Finally, Spark Investment Management LLC raised its position in 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 valued at $1,175,000 after buying an additional 876,549 shares during the period. 17.66% of the stock is owned by institutional investors.
Ocean Rig UDW Inc. (NASDAQ:ORIG) traded up 0.72% during mid-day trading on Friday, hitting $0.84. 903,858 shares of the company’s stock were exchanged. Ocean Rig UDW Inc. has a 52 week low of $0.66 and a 52 week high of $3.38. The firm has a 50 day moving average of $0.80 and a 200 day moving average of $1.69.
Ocean Rig UDW (NASDAQ:ORIG) last released its earnings results on Thursday, August 11th. The company reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $1.11. The firm earned $452.60 million during the quarter, compared to analysts’ expectations of $376.45 million. Ocean Rig UDW had a net margin of 21.68% and a return on equity of 14.78%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. On average, equities analysts predict that Ocean Rig UDW Inc. will post $2.99 EPS for the current fiscal year.
Several research firms have recently commented on ORIG. Zacks Investment Research lowered shares of Ocean Rig UDW from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 27th. Evercore ISI reaffirmed a “hold” rating on shares of Ocean Rig UDW in a report on Thursday, June 30th. Finally, Deutsche Bank AG lowered shares of Ocean Rig UDW from a “buy” rating to a “hold” rating and decreased their price target for the company from $4.00 to $1.00 in a report on Tuesday, August 16th. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target 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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