Ocean Rig UDW Inc. (NASDAQ:ORIG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Ocean Rig UDW Inc. is engaged in providing offshore drilling services to oil and gas exploration, development and production drilling industry. The Company specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig UDW Inc., formerly known as Primelead Shareholders Inc., is based in Sandnes, Norway. “

Several other analysts have also recently issued reports on ORIG. TheStreet cut Ocean Rig UDW from a “c” rating to a “d-” rating in a research report on Thursday, February 23rd. ValuEngine cut Ocean Rig UDW from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Four analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus price target of $0.63.

Ocean Rig UDW (NASDAQ:ORIG) opened at 0.1689 on Wednesday. Ocean Rig UDW has a 52 week low of $0.16 and a 52 week high of $3.11. The firm’s 50-day moving average price is $0.21 and its 200-day moving average price is $0.87.

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An institutional investor recently bought a new position in Ocean Rig UDW stock. KCG Holdings Inc. acquired a new stake in shares of Ocean Rig UDW Inc. (NASDAQ:ORIG) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 521,483 shares of the oil and gas company’s stock, valued at approximately $149,000. Institutional investors and hedge funds own 12.77% of the company’s stock.

Ocean Rig UDW Company Profile

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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