BidaskClub cut shares of Ocean Rig UDW (NASDAQ:ORIG) from a buy rating to a hold rating in a report published on Friday.

Several other brokerages also recently commented on ORIG. Nordea Equity Research downgraded Ocean Rig UDW from a buy rating to a hold rating in a research note on Friday, September 28th. ValuEngine upgraded Ocean Rig UDW from a sell rating to a hold rating in a research note on Monday, September 24th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $30.00.

Shares of Ocean Rig UDW stock traded down $0.06 during midday trading on Friday, hitting $32.19. The company had a trading volume of 794,407 shares, compared to its average volume of 1,087,159. The company has a quick ratio of 11.01, a current ratio of 11.01 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $2.94 billion, a P/E ratio of 11.01 and a beta of 1.49. Ocean Rig UDW has a 52-week low of $22.48 and a 52-week high of $35.86.

Ocean Rig UDW (NASDAQ:ORIG) last posted its quarterly earnings results 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 company had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $128.57 million. The business’s quarterly revenue was down 65.8% on a year-over-year basis.

A number of institutional investors and hedge funds have recently modified their holdings of ORIG. Tower Research Capital LLC TRC bought a new position in shares of Ocean Rig UDW during the 2nd quarter valued at $215,000. Amalgamated Bank bought a new position in shares of Ocean Rig UDW during the 2nd quarter valued at $218,000. Aviva PLC bought a new position in shares of Ocean Rig UDW during the 2nd quarter valued at $235,000. Wells Fargo & Company MN bought a new position in shares of Ocean Rig UDW during the 1st quarter valued at $223,000. Finally, Bank of America Corp DE bought a new position in shares of Ocean Rig UDW during the 2nd quarter valued at $303,000. Institutional investors and hedge funds own 84.58% of the company’s stock.

Ocean Rig UDW Company Profile

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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