Ocean Rig (NASDAQ:ORIG) Now Covered by Analysts at Deutsche Bank

Equities research analysts at Deutsche Bank assumed coverage on shares of Ocean Rig (NASDAQ:ORIG) in a research note issued on Tuesday, March 20th, Marketbeat reports. The firm set a “hold” rating and a $30.00 price target on the oil and gas company’s stock. Deutsche Bank’s price target would suggest a potential upside of 15.87% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. BidaskClub lowered shares of Ocean Rig from a “sell” rating to a “strong sell” rating in a report on Friday, March 16th. ValuEngine lowered shares of Ocean Rig from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Finally, Credit Suisse Group began coverage on shares of Ocean Rig in a report on Friday, December 15th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $30.00.

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ORIG stock traded down $0.08 during trading on Tuesday, hitting $25.89. 64,489 shares of the company’s stock traded hands, compared to its average volume of 162,726. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.38 and a quick ratio of 5.38. Ocean Rig has a 1 year low of $20.22 and a 1 year high of $40.00.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in Ocean Rig by 2,361.3% in the fourth quarter. Millennium Management LLC now owns 371,217 shares of the oil and gas company’s stock valued at $9,949,000 after acquiring an additional 356,135 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Ocean Rig in the fourth quarter valued at approximately $4,175,000. Two Sigma Investments LP acquired a new stake in Ocean Rig in the fourth quarter valued at approximately $5,294,000. Two Sigma Advisers LP boosted its stake in Ocean Rig by 2,590.1% in the fourth quarter. Two Sigma Advisers LP now owns 226,402 shares of the oil and gas company’s stock valued at $6,068,000 after acquiring an additional 217,986 shares in the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in Ocean Rig in the fourth quarter valued at approximately $1,124,000. Institutional investors own 77.95% of the company’s stock.

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About Ocean Rig

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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