Ocean Rig UDW Inc (ORIG) was Reiterated by Deutsche Bank to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 4 from a previous price target of $3 . Deutsche Bank advised their investors in a research report released on May 24, 2016.
Many Wall Street Analysts have commented on Ocean Rig UDW Inc. Ocean Rig UDW Inc was Downgraded by Piper Jaffray to ” Underweight” on Mar 11, 2016.
On the company’s financial health, Ocean Rig UDW Inc reported $1.17 EPS for the quarter, beating the analyst consensus estimate by $ 0.29 according to the earnings call on May 19, 2016. Analyst had a consensus of $0.88. The company had revenue of $508.00 million for the quarter, compared to analysts expectations of $426.23 million. The company’s revenue was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.
Ocean Rig UDW Inc opened for trading at $2.54 and hit $2.6301 on the upside on Friday, eventually ending the session at $2.22, with a gain of 22.65% or 0.41 points. The heightened volatility saw the trading volume jump to 1,44,87,192 shares. Company has a market cap of $308 M.
Ocean Rig UDW Inc. is a Marshall Islands-registered international offshore drilling contractor. The Company provides oilfield services for offshore oil and gas exploration development and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig owns and operates two ultra-deepwater semi-submersible offshore drilling rigs the Leiv Eiriksson and the Eirik Raude both based on the Companys Bingo 9000 design. In addition in January 2011 the Company took delivery of the new build drillship Ocean Rig Corcovado from Samsung Heavy Industries in Korea. As of December 22 2010 Ocean Rig UDW Inc. was majority owned by DryShips Inc. which held a 78% stake in the Company.