Ocean Rig UDW Inc. (NASDAQ:ORIG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm presently has a $1.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 17.40% from the company’s previous close.
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 also recently issued reports on the stock. Deutsche Bank AG downgraded shares of Ocean Rig UDW from a “buy” rating to a “hold” rating and cut their target price for the company from $4.00 to $1.00 in a research note on Tuesday, August 16th. Evercore ISI reiterated a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 30th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus 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 stock has a 50 day moving average price of $0.81 and a 200 day moving average price of $1.68. Ocean Rig UDW has a 1-year low of $0.66 and a 1-year high of $3.38.
Ocean Rig UDW (NASDAQ:ORIG) last announced its quarterly earnings data on Thursday, August 11th. The company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $1.11. The company earned $452.60 million during the quarter, compared to analysts’ expectations of $376.45 million. Ocean Rig UDW had a return on equity of 14.78% and a net margin of 21.68%. Ocean Rig UDW’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 EPS. Analysts expect that Ocean Rig UDW will post $2.99 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in ORIG. KCG Holdings Inc. acquired a new position in shares of Ocean Rig UDW during the second quarter valued at approximately $128,000. Spark Investment Management LLC boosted its position in shares of Ocean Rig UDW by 26.7% in the second quarter. Spark Investment Management LLC now owns 1,815,600 shares of the company’s stock valued at $4,502,000 after buying an additional 382,500 shares in the last quarter. Deere & Co. acquired a new position in shares of Ocean Rig UDW during the second quarter valued at approximately $351,000. Engineers Gate Manager LP acquired a new position in shares of Ocean Rig UDW during the second quarter valued at approximately $611,000. Finally, Private Advisor Group LLC boosted its position 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 valued at $389,000 after buying an additional 39,038 shares in the last quarter. 17.66% of the stock is currently owned by institutional investors.
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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