Revenue Update on Ocean Rig UDW Inc(NASDAQ:ORIG)

Ocean Rig UDW Inc(NASDAQ:ORIG) announced the earnings results for Fiscal Year 2016 and Q4. The results came in during After-Market on Feb 22, 2017. Based on the corporate Earnings and Guidance, many Investment Banking firms balance their portfolio to Sell and Buy Stocks based on their strategy of investing in stocks.Company reported revenue of $355.385M. Analysts estimated a revenue of $313.070M. The revenues were 13.52% above the estimates. Earnings per share were $0.48. The reported EPS was above estimates by 26.32%. Analysts had estimated an EPS of $0.38.

Ocean Rig UDW Inc (ORIG) shares turned negative on Wednesdays trading session with the shares closing down -0.12 points or -10.00% at a volume of 33,72,263. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $1.23. The peak price level was also seen at $1.23 while the days lowest was $1.07. Finally the shares closed at $1.08. The 52-week high of the shares is $3.38 while the 52-week low is $0.6601. According to the latest information available, the market cap of the company is $89 M.

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. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig owns and operates two ultra-deepwater semi-submersible offshore drilling rigs the Leiv Eiriksson and the Eirik Raude both based on the Company’s Bingo 9000 design. In addition in January 2011 the Company took delivery of the new build drillship Ocean Rig Corcovado from Samsung Heavy Industries in Korea. As of December 22 2010 Ocean Rig UDW Inc. was majority owned by DryShips Inc. which held a 78% stake in the Company.

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