Ocean Rig (ORIG) Lifted to Sell at BidaskClub

BidaskClub upgraded shares of Ocean Rig (NASDAQ:ORIG) from a strong sell rating to a sell rating in a research report sent to investors on Friday.

Several other research firms have also commented on ORIG. ValuEngine lowered Ocean Rig from a buy rating to a hold rating in a research report on Wednesday, March 7th. Deutsche Bank initiated coverage on Ocean Rig in a research report on Tuesday, March 20th. They issued a hold rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $30.00.

Shares of Ocean Rig opened at $26.78 on Friday, according to MarketBeat Ratings. The company has a quick ratio of 5.38, a current ratio of 10.58 and a debt-to-equity ratio of 0.18. Ocean Rig has a twelve month low of $20.22 and a twelve month high of $40.00.

Ocean Rig (NASDAQ:ORIG) last issued its earnings results on Wednesday, May 16th. The oil and gas company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.22. The firm had revenue of $194.10 million for the quarter, compared to the consensus estimate of $176.85 million. The firm’s revenue was down 35.9% on a year-over-year basis.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. OZ Management LP raised its position in shares of Ocean Rig by 11.1% in the 1st quarter. OZ Management LP now owns 4,801,865 shares of the oil and gas company’s stock worth $121,151,000 after acquiring an additional 478,889 shares in the last quarter. Lion Point Capital LP raised its position in shares of Ocean Rig by 9.4% in the 4th quarter. Lion Point Capital LP now owns 3,851,886 shares of the oil and gas company’s stock worth $103,230,000 after acquiring an additional 329,652 shares in the last quarter. OppenheimerFunds Inc. bought a new position in shares of Ocean Rig in the 1st quarter worth $73,052,000. Governors Lane LP raised its position in shares of Ocean Rig by 45.5% in the 4th quarter. Governors Lane LP now owns 1,376,098 shares of the oil and gas company’s stock worth $36,879,000 after acquiring an additional 430,388 shares in the last quarter. Finally, Oaktree Capital Management LP raised its position in shares of Ocean Rig by 38.5% in the 1st quarter. Oaktree Capital Management LP now owns 1,100,000 shares of the oil and gas company’s stock worth $27,753,000 after acquiring an additional 305,817 shares in the last quarter. 77.99% of the stock is owned by hedge funds and other institutional investors.

About Ocean Rig

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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