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Ocean Rig UDW (NASDAQ:ORIG) was downgraded by Nordea Equity Research to a “buy” rating in a research note issued on Friday.

Shares of Ocean Rig UDW (NASDAQ:ORIG) opened at 17.49 on Friday. Ocean Rig UDW has a one year low of $16.12 and a one year high of $20.97. The stock’s 50-day moving average is $18.32 and its 200-day moving average is $17.62. The company has a market cap of $2.306 billion and a P/E ratio of 26.54.

Ocean Rig UDW (NASDAQ:ORIG) last announced its earnings results on Tuesday, August 5th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.13. 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. On average, analysts predict that Ocean Rig UDW will post $1.70 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Monday, August 11th. Shareholders 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 4.35%. The ex-dividend date is Wednesday, July 30th.

Other equities research analysts have also recently issued reports about the stock. 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. Separately, 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. Finally, analysts at Raymond James raised their price target on shares of Ocean Rig UDW from $20.00 to $21.00 in a research note on Tuesday, May 27th. They now have an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $23.50.

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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