Zacks Investment Research upgraded shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) from a hold rating to a buy rating in a research note issued to investors on Saturday morning. The brokerage currently has $1.00 price objective on the stock.
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. “
A number of other equities research analysts have also weighed in on the stock. Deutsche Bank AG lowered shares of Ocean Rig UDW from a buy rating to a hold rating and lowered their price target for the company from $4.00 to $1.00 in a report on Tuesday, August 16th. Evercore ISI reaffirmed a hold rating on shares of Ocean Rig UDW in a report on Thursday, June 30th. Six 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. Ocean Rig UDW currently has a consensus rating of Hold and an average 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 of $0.81 and a 200-day moving average of $1.68. Ocean Rig UDW has a one year low of $0.66 and a one year high of $3.38.
Ocean Rig UDW (NASDAQ:ORIG) last released its quarterly 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 net margin of 21.68% and a return on equity of 14.78%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the business earned $0.54 EPS. Equities analysts predict that Ocean Rig UDW will post $2.99 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Securities LLC increased its position in Ocean Rig UDW by 5.6% in the third quarter. Hollencrest Securities LLC now owns 127,223 shares of the company’s stock worth $107,000 after buying an additional 6,744 shares during the last quarter. KCG Holdings Inc. acquired a new position in Ocean Rig UDW during the second quarter worth about $128,000. Acrospire Investment Management LLC acquired a new position in Ocean Rig UDW during the second quarter worth about $136,000. Parametric Portfolio Associates LLC acquired a new position in Ocean Rig UDW during the second quarter worth about $137,000. Finally, Highbridge Capital Management LLC acquired a new position in Ocean Rig UDW during the second quarter worth about $165,000. 17.66% of the stock is 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.