Ocean Rig UDW (ORIG) Upgraded at BidaskClub

Ocean Rig UDW (NASDAQ:ORIG) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Separately, ValuEngine upgraded Ocean Rig UDW from a “sell” rating to a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $30.00.

Shares of ORIG stock opened at $34.48 on Wednesday. Ocean Rig UDW has a twelve month low of $21.00 and a twelve month high of $34.88. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 11.55 and a beta of 1.57. The company has a current ratio of 11.01, a quick ratio of 11.01 and a debt-to-equity ratio of 0.16.

Ocean Rig UDW (NASDAQ:ORIG) last announced its 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 negative net margin of 16.88% and a positive return on equity of 6.37%. The company had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $128.57 million. The company’s quarterly revenue was down 65.8% on a year-over-year basis.

Several institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc boosted its stake in shares of Ocean Rig UDW by 24.2% in the second quarter. Legal & General Group Plc now owns 21,250 shares of the oil and gas company’s stock valued at $626,000 after buying an additional 4,144 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Ocean Rig UDW in the second quarter valued at approximately $215,000. Amalgamated Bank purchased a new stake in shares of Ocean Rig UDW in the second quarter valued at approximately $218,000. Aviva PLC purchased a new stake in shares of Ocean Rig UDW in the second quarter valued at approximately $235,000. Finally, Janney Capital Management LLC boosted its stake in shares of Ocean Rig UDW by 78.3% in the second quarter. Janney Capital Management LLC now owns 18,407 shares of the oil and gas company’s stock valued at $543,000 after buying an additional 8,082 shares in the last quarter. Hedge funds and other institutional investors own 86.09% of the company’s stock.

About Ocean Rig UDW

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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