Ocean Rig UDW Inc (ORIG) is Downgraded by Deutsche Bank to Hold, Lowers Price Target to $ 1

Ocean Rig UDW Inc (ORIG) was Downgraded by Deutsche Bank to ” Hold” while Lowering the Price Target of the company shares to $ 1 from a previous price target of $4 . Earlier the firm had a rating of “Buy ” on the company shares. Deutsche Bank advised their investors in a research report released on Aug 16, 2016.

Many Wall Street Analysts have commented on Ocean Rig UDW Inc. Company shares were Reiterated by Deutsche Bank on May 24, 2016 to “Buy”, Firm has raised the Price Target to $ 4 from a previous price target of $3 .

On the company’s financial health, Ocean Rig UDW Inc reported $1.83 EPS for the quarter, beating the analyst consensus estimate by $ 1.12 according to the earnings call on Aug 11, 2016. Analyst had a consensus of $0.71. The company had revenue of $452.60 million for the quarter, compared to analysts expectations of $370.22 million. The company’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS.

Ocean Rig UDW Inc closed down -0.03 points or -3.61% at $0.8 with 82,44,326 shares getting traded on Monday. Post opening the session at $0.879, the shares hit an intraday low of $0.7911 and an intraday high of $0.8999 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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 Company’s 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.

Ocean Rig UDW Inc

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