Ocean Rig UDW Inc (NASDAQ:ORIG) saw strong trading volume on Tuesday . 16,379,366 shares were traded during trading, an increase of 4,430% from the previous session’s volume of 361,563 shares.The stock last traded at $30.32 and had previously closed at $27.08.
Several equities research analysts have recently issued reports on the company. ValuEngine raised Ocean Rig UDW from a “strong sell” rating to a “sell” rating in a research report on Tuesday. BidaskClub lowered Ocean Rig UDW from a “buy” rating to a “hold” rating in a research report on Thursday, July 19th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $30.00.
The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 9.24 and a beta of 1.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 11.01 and a quick ratio of 11.01.
Ocean Rig UDW (NASDAQ:ORIG) last announced its quarterly earnings data on Thursday, August 9th. The oil and gas company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.32). Ocean Rig UDW had a positive return on equity of 6.37% and a negative net margin of 16.88%. The firm had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $128.57 million. Ocean Rig UDW’s quarterly revenue was down 65.8% on a year-over-year basis.
Institutional investors and hedge funds have recently made changes to their positions in the stock. TCW Group Inc. purchased a new stake in Ocean Rig UDW in the 2nd quarter worth about $3,772,000. Oaktree Capital Management LP increased its holdings in Ocean Rig UDW by 38.5% in the 1st quarter. Oaktree Capital Management LP now owns 1,100,000 shares of the oil and gas company’s stock worth $27,753,000 after acquiring an additional 305,817 shares during the last quarter. OppenheimerFunds Inc. purchased a new stake in Ocean Rig UDW in the 1st quarter worth about $73,052,000. Highbridge Capital Management LLC purchased a new stake in Ocean Rig UDW in the 1st quarter worth about $2,401,000. Finally, Engineers Gate Manager LP purchased a new stake in Ocean Rig UDW in the 1st quarter worth about $507,000. 86.06% of the stock is owned by institutional investors.
About Ocean Rig UDW (NASDAQ:ORIG)
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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