Highbridge Capital Management LLC bought a new stake in Ocean Rig UDW Inc (NASDAQ:ORIG) during the first quarter, HoldingsChannel reports. The institutional investor bought 95,154 shares of the oil and gas company’s stock, valued at approximately $2,401,000.
Other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN purchased a new stake in Ocean Rig UDW in the 1st quarter valued at approximately $223,000. Spark Investment Management LLC purchased a new stake in Ocean Rig UDW in the 4th quarter valued at approximately $249,000. Engineers Gate Manager LP purchased a new stake in Ocean Rig UDW in the 1st quarter valued at approximately $507,000. Hartree Partners LP purchased a new stake in Ocean Rig UDW in the 1st quarter valued at approximately $714,000. Finally, A.R.T. Advisors LLC purchased a new stake in Ocean Rig UDW in the 1st quarter valued at approximately $1,027,000. 81.69% of the stock is currently owned by hedge funds and other institutional investors.
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A number of equities research analysts recently issued reports on the company. BidaskClub lowered Ocean Rig UDW from a “hold” rating to a “sell” rating in a research note on Wednesday, May 30th. ValuEngine lowered Ocean Rig UDW from a “hold” rating to a “sell” rating in a research note on Saturday, May 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $30.00.
Shares of Ocean Rig UDW stock opened at $26.87 on Friday. Ocean Rig UDW Inc has a fifty-two week low of $20.22 and a fifty-two week high of $40.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.86 and a quick ratio of 6.86.
Ocean Rig UDW (NASDAQ:ORIG) last issued its quarterly earnings results on Wednesday, May 16th. The oil and gas company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.22. The business had revenue of $194.10 million for the quarter, compared to analysts’ expectations of $176.85 million. Ocean Rig UDW’s revenue was down 35.9% on a year-over-year basis.
Ocean Rig UDW Profile
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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