Ocean Rig UDW Inc. (ORIG) Sees Large Growth in Short Interest
Ocean Rig UDW Inc. (NASDAQ:ORIG) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,508,929 shares, a growth of 51.7% from the August 15th total of 2,312,799 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average daily trading volume, of 262,105 shares, the short-interest ratio is presently 13.4 days.
Ocean Rig UDW (NASDAQ ORIG) opened at 0.1745 on Friday. The stock’s 50 day moving average price is $0.18 and its 200 day moving average price is $0.27. Ocean Rig UDW has a 1-year low of $0.12 and a 1-year high of $2.89.
Hedge funds and other institutional investors have recently modified their holdings of the business. California Public Employees Retirement System raised its position in Ocean Rig UDW by 25.4% during the 1st quarter. California Public Employees Retirement System now owns 2,113,100 shares of the oil and gas company’s stock valued at $603,000 after purchasing an additional 428,600 shares in the last quarter. KCG Holdings Inc. bought a new stake in Ocean Rig UDW during the 1st quarter valued at $149,000. Finally, Goldman Sachs Group Inc. raised its position in Ocean Rig UDW by 109.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 650,943 shares of the oil and gas company’s stock valued at $103,000 after purchasing an additional 339,692 shares in the last quarter. 10.73% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on ORIG shares. Zacks Investment Research cut Ocean Rig UDW from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. ValuEngine cut Ocean Rig UDW from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd.
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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