Ocean Rig UDW Inc (NASDAQ:ORIG) saw unusually-strong trading volume on Friday . Approximately 7,311,600 shares traded hands during mid-day trading, an increase of 2,798% from the previous session’s volume of 252,319 shares.The stock last traded at $28.19 and had previously closed at $26.87.
Several analysts have commented on ORIG shares. Deutsche Bank started coverage on shares of Ocean Rig UDW in a report on Tuesday, March 20th. They issued a “hold” rating and a $30.00 price objective for the company. ValuEngine lowered shares of Ocean Rig UDW from a “buy” rating to a “hold” rating in a report on Thursday, February 22nd. Finally, BidaskClub lowered shares of Ocean Rig UDW from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $30.00.
The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.86 and a current ratio of 6.86.
Ocean Rig UDW (NASDAQ:ORIG) last issued its quarterly earnings data on Wednesday, May 16th. The oil and gas company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.22. The company had revenue of $194.10 million during the quarter, compared to analysts’ expectations of $176.85 million. The business’s revenue was down 35.9% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc purchased a new stake in Ocean Rig UDW in the first quarter worth about $431,000. Highbridge Capital Management LLC bought a new position in shares of Ocean Rig UDW during the first quarter valued at approximately $2,401,000. A.R.T. Advisors LLC bought a new position in shares of Ocean Rig UDW during the first quarter valued at approximately $1,027,000. Oaktree Capital Management LP increased its stake in shares of Ocean Rig UDW by 38.5% during the first quarter. Oaktree Capital Management LP now owns 1,100,000 shares of the oil and gas company’s stock valued at $27,753,000 after purchasing an additional 305,817 shares in the last quarter. Finally, OZ Management LP increased its stake in shares of Ocean Rig UDW by 11.1% during the first quarter. OZ Management LP now owns 4,801,865 shares of the oil and gas company’s stock valued at $121,151,000 after purchasing an additional 478,889 shares in the last quarter. Institutional investors and hedge funds own 81.69% of the company’s stock.
About Ocean Rig UDW
Ocean Rig UDW Inc, an offshore drilling contractor, provides oilfield services for offshore oil and gas exploration, development, and production drilling worldwide. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. The company owns and operates two fifth generation harsh weather ultra-deepwater semisubmersible offshore drilling units under the Leiv Eiriksson and Eirik Raude names; five sixth generation ultra-deepwater drilling units under the Ocean Rig Corcovado, the Ocean Rig Olympia, the Ocean Rig Poseidon, and the Ocean Rig Mykonos names; and four seventh generation drilling units under the Ocean Rig Mylos, the Ocean Rig Skyros, the Ocean Rig Athena, and the Ocean Rig Apollo names.
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