Ocean Rig (NASDAQ:ORIG) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Friday.
A number of other brokerages also recently issued reports on ORIG. ValuEngine downgraded shares of Ocean Rig from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. Deutsche Bank began coverage on shares of Ocean Rig in a research note on Tuesday, March 20th. They issued a “hold” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Ocean Rig has an average rating of “Hold” and a consensus price target of $30.00.
Shares of Ocean Rig opened at $26.92 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.38 and a quick ratio of 5.38. Ocean Rig has a fifty-two week low of $25.53 and a fifty-two week high of $26.39.
A number of institutional investors have recently modified their holdings of ORIG. Tokio Marine Asset Management Co. Ltd. purchased a new position in Ocean Rig in the fourth quarter worth approximately $1,278,000. AEGON USA Investment Management LLC purchased a new position in Ocean Rig in the fourth quarter worth approximately $1,144,000. Governors Lane LP lifted its stake in Ocean Rig by 45.5% in the fourth 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 during the last quarter. Citadel Advisors LLC purchased a new position in Ocean Rig in the fourth quarter worth approximately $7,606,000. Finally, New York Life Investment Management LLC purchased a new position in Ocean Rig in the fourth quarter worth approximately $6,993,000. Institutional investors own 77.99% of the company’s stock.
Ocean Rig Company 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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