Published On: Thu, Sep 15th, 2016

Ocean Rig UDW Inc. (ORIG) Short Interest Update

Ocean Rig UDW Inc. (NASDAQ:ORIG) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 12,404,024 shares, a drop of 11.9% from the August 15th total of 14,077,029 shares. Currently, 29.4% of the shares of the stock are sold short. Based on an average trading volume of 3,494,073 shares, the days-to-cover ratio is presently 3.6 days.
Large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in shares of Ocean Rig UDW by 8.1% in the first quarter. Goldman Sachs Group Inc. now owns 282,730 shares of the company’s stock worth $232,000 after buying an additional 21,273 shares during the period. Spark Investment Management LLC raised its position in shares of Ocean Rig UDW by 157.5% in the first quarter. Spark Investment Management LLC now owns 1,433,100 shares of the company’s stock valued at $1,175,000 after buying an additional 876,549 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in shares of Ocean Rig UDW during the second quarter valued at approximately $1,821,000. Geode Capital Management LLC raised its position in shares of Ocean Rig UDW by 57.2% in the first quarter. Geode Capital Management LLC now owns 1,097,547 shares of the company’s stock valued at $899,000 after buying an additional 399,500 shares during the last quarter. Finally, Acrospire Investment Management LLC purchased a new position in shares of Ocean Rig UDW during the second quarter valued at approximately $136,000. Hedge funds and other institutional investors own 18.01% of the company’s stock.
Ocean Rig UDW (NASDAQ:ORIG) opened at 0.7295 on Thursday. Ocean Rig UDW has a 12-month low of $0.66 and a 12-month high of $3.38. The stock’s 50 day moving average price is $1.20 and its 200 day moving average price is $1.72.

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Ocean Rig UDW (NASDAQ:ORIG) last issued its quarterly earnings data on Thursday, August 11th. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $1.11. Ocean Rig UDW had a return on equity of 14.78% and a net margin of 21.68%. The firm earned $452.60 million during the quarter, compared to analyst estimates of $376.45 million. During the same quarter last year, the firm earned $0.54 EPS. Ocean Rig UDW’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities analysts expect that Ocean Rig UDW will post $2.95 earnings per share for the current year.
A number of equities research analysts recently issued reports on ORIG shares. Deutsche Bank AG lifted their price target on shares of Ocean Rig UDW from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Tuesday, May 24th. Evercore ISI reissued a “hold” rating on shares of Ocean Rig UDW in a research note on Thursday, June 9th. Finally, Zacks Investment Research raised shares of Ocean Rig UDW from a “hold” rating to a “buy” rating and set a $2.75 price target on the stock in a research note on Wednesday, June 29th. Six equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $1.28.
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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