Ocean Rig UDW Inc (ORIG) Releases Earnings Results, Beats Expectations By $1.12 EPS

Ocean Rig UDW Inc (ORIG) reported quarterly earnings results on Thursday, Aug-11-2016. The company said it had a profit of $1.83 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $1.12. Analysts had a consensus of $0.71. The company posted revenue of $452.60 million in the period, 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.

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 .

Ocean Rig UDW Inc opened for trading at $1.94 and hit $2.14 on the upside on Monday, eventually ending the session at $2.13, with a gain of 12.11% or 0.23 points. The heightened volatility saw the trading volume jump to 24,98,563 shares. Company has a market cap of $295 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 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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