Ocean Rig UDW Inc. (ORIG) Shares Down 4.9%

Ocean Rig UDW Inc. (NASDAQ:ORIG) shares dropped 4.9% during mid-day trading on Tuesday . The company traded as low as $0.16 and last traded at $0.16. Approximately 816,791 shares traded hands during trading, a decline of 12% from the average daily volume of 925,241 shares. The stock had previously closed at $0.17.

ORIG has been the subject of a number of analyst reports. Zacks Investment Research cut Ocean Rig UDW from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. ValuEngine cut Ocean Rig UDW from a “buy” rating to a “hold” rating in a report on Friday, June 2nd.

The stock’s 50-day moving average price is $0.18 and its 200-day moving average price is $0.26. The firm’s market capitalization is $13.31 million.

Hedge funds have recently made changes to their positions in the stock. KCG Holdings Inc. bought a new stake in shares of Ocean Rig UDW during the 1st quarter worth $149,000. Goldman Sachs Group Inc. lifted its position in shares of Ocean Rig UDW by 109.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 650,943 shares of the oil and gas company’s stock worth $103,000 after buying an additional 339,692 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Ocean Rig UDW by 25.4% during the 1st quarter. California Public Employees Retirement System now owns 2,113,100 shares of the oil and gas company’s stock worth $603,000 after buying an additional 428,600 shares during the last quarter. Institutional investors and hedge funds own 10.73% of the company’s stock.

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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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