Ocean Rig UDW Inc. (ORIG) Short Interest Update
Ocean Rig UDW Inc. (NASDAQ:ORIG) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 12,404,024 shares, a drop of 11.9% from the August 15th total of 14,077,029 shares. Approximately 29.4% of the shares of the company are sold short. Based on an average daily trading volume, of 3,494,073 shares, the days-to-cover ratio is presently 3.6 days.
Hedge funds have recently bought and sold shares of the company. Spark Investment Management LLC raised its stake in Ocean Rig UDW by 157.5% in the first quarter. Spark Investment Management LLC now owns 1,433,100 shares of the company’s stock valued at $1,175,000 after buying an additional 876,549 shares during the last quarter. Mckinley Capital Management LLC Delaware bought a new position in Ocean Rig UDW during the second quarter valued at $1,821,000. Oxford Asset Management raised its position in Ocean Rig UDW by 161.0% in the second quarter. Oxford Asset Management now owns 1,119,930 shares of the company’s stock valued at $2,777,000 after buying an additional 690,835 shares during the last quarter. Bridgeway Capital Management Inc. bought a new position in Ocean Rig UDW during the second quarter valued at $1,119,000. Finally, Geode Capital Management LLC raised its position in Ocean Rig UDW by 57.2% in the first quarter. Geode Capital Management LLC now owns 1,097,547 shares of the company’s stock valued at $899,000 after buying an additional 399,500 shares during the last quarter. Hedge funds and other institutional investors own 17.66% of the company’s stock.
Ocean Rig UDW (NASDAQ:ORIG) opened at 0.8126 on Thursday. Ocean Rig UDW has a 12-month low of $0.66 and a 12-month high of $3.38. The firm has a 50-day moving average of $1.04 and a 200 day moving average of $1.71.
Ocean Rig UDW (NASDAQ:ORIG) last posted its earnings results on Thursday, August 11th. The company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $1.11. Ocean Rig UDW had a net margin of 21.68% and a return on equity of 14.78%. The firm earned $452.60 million during the quarter, compared to analyst estimates of $376.45 million. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. Analysts anticipate that Ocean Rig UDW will post $2.95 EPS for the current year.
ORIG has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Ocean Rig UDW from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Evercore ISI restated a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 9th. Finally, Deutsche Bank AG cut shares of Ocean Rig UDW from a “buy” rating to a “hold” rating and cut their target price for the stock from $4.00 to $1.00 in a research note on Tuesday, August 16th. Six analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Ocean Rig UDW currently has a consensus rating of “Hold” and an average price target of $1.28.
About Ocean Rig UDW
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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