Ocean Rig UDW (ORIG) Announces Quarterly Earnings Results, Beats Estimates By $0.13 EPS
Ocean Rig UDW (NASDAQ:ORIG) released its earnings data on Tuesday. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.13, American Banking & Market News reports. The company had revenue of $441.43 million for the quarter, compared to the consensus estimate of $418.11 million. During the same quarter in the previous year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was up 69.9% on a year-over-year basis.
A number of analysts have recently weighed in on ORIG shares. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Ocean Rig UDW in a research note on Monday. They now have a $21.00 price target on the stock, down previously from $24.00. On a related note, analysts at Nordea Equity Research upgraded shares of Ocean Rig UDW from a “buy” rating to a “strong-buy” rating in a research note on Friday. They now have a $21.50 price target on the stock. Finally, analysts at Raymond James cut their price target on shares of Ocean Rig UDW from $21.00 to $20.00 in a research note on Monday, July 21st. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Ocean Rig UDW currently has a consensus rating of “Buy” and a consensus target price of $22.15.
Ocean Rig UDW (NASDAQ:ORIG) traded down 1.26% on Tuesday, hitting $17.27. The stock had a trading volume of 221,496 shares. Ocean Rig UDW has a 52-week low of $16.12 and a 52-week high of $20.97. The stock’s 50-day moving average is $18.46 and its 200-day moving average is $17.63. The company has a market cap of $2.277 billion and a P/E ratio of 41.64.
The company also recently announced a quarterly dividend, which is scheduled for Monday, August 11th. Investors of record on Friday, August 1st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Wednesday, July 30th.
Ocean Rig UDW Inc is a Marshall Islands-registered international offshore drilling contractor. The Company provides oilfield services for offshore oil and gas exploration, development and production drilling.
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