Ocean Rig stock performance
Ocean Rig’s (ORIG) share price has been very volatile in the past one year. Its 52-week low and high are $0.66 and $3.38, respectively. Ocean Rig’s year-to-date return is -1% and its last-six-month return is -47%. However, Ocean Rig’s stock price has risen by 108% in the past three months.
Seadrill’s (SDRL) stock price has risen 70% in the last three months. Diamond Offshore (DO) gave an 18% return in the last three months, and Noble (NE) has given returns of 13%. Pacific Drilling (PACD) stock has risen 20% in the last three months.
In December, Ocean Rig released its third quarter earnings. The company was the last offshore driller (XLE) to release quarterly earnings. The company continues to explore strategic alternatives with financial and legal advisors. The company may resort to restructuring under US bankruptcy laws.
The number of analysts covering Ocean Rig stock has fallen since the start of the year. In January 2016, 13 analysts rated Ocean Rig. Now, only five cover the company. Out of these 13 analysts at the beginning of the year, one analyst gave the company a “strong buy,” and six analysts gave the company a “buy.” There weren’t any “strong sell” recommendations.
Currently, out of the five analysts covering Ocean Rig, one analyst gives the stock a “hold,” two give it a “strong sell,” and two give it a “sell.” Ocean Rig’s target price is $0.78, which implies a downside potential of 55%.