See below for the full analyst report on (NASDAQ: ORIG)
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Due Diligence Report: Another Oil Bubble; But Will This One Last
Summary:
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.
Ocean Rig UDW Inc. has a current market capitalization of $307.84 M with 138.67 M outstanding shares. Its daily average volume traded is 1.29 M shares.
Financial Highlights (Q3 2015):
Revenue: 437.17 M
Gross Profit: 301.69 M
Net Income: 138.40 M
Cash and Cash Equivalents: 884.69 M
Total Debt: 4672.04 M
Recent News and Analysis:
The company recently announced that it will release its results for the fourth quarter 2015 after the market closes in New York on Tuesday, March 8, 2016. Zacks released the name of companies that received affirmative value style score this time. Ocean Rig UDW Inc. (NASDAQ:ORIG) has successfully notched a place in the list of positive value stocks, which specifies that the firm has strong growth prospects. The vital factors all stockholders look after is financials. Before making an investment call investors want to view the sales and profits of a firm. Future earnings is a key factor, which eventually has a significant impact on the stock price. Zacks expect ORIG to post EPS of $0.02 in the next quarter. Elements determining profits of the firm are costs, liabilities, sales, costs and assets. Earnings-per-share is the most basic view of the earnings, and it is used by the majority of analysts to perform fundamental analysis. This is an altogether different thing that amount of earnings highpoints partial story. Growing earnings is a good indication, but in case, it jumps more than sales then the margin declines. Along with notable fundamentals, the stockholders look for Wall Street specialists’ recommendations before taking a final investment call. The analysts have 3.4 rating on Ocean Rig UDW Inc. stock, which depicts the mean projections of brokerage houses included in Zacks Research.
Conclusions:
A prolonged spell of low commodity prices has bashed E&P companies, especially the ones with a weak balance sheet. With crude becoming too cheap to drill profitably, a number of debt-laden entities have run into cash flow problems. Apart from the now routine job layoffs, most of these companies have resorted to asset sales and capital spending cuts in an effort to re-organize operations and lighten the debt burden. This is aptly reflected in the recent downgrade of 25 energy companies (including ORIG) by Moody’s Investors Service, the rating services arm of Moody’s Corp. Don’t get caught holding too long in yet another oil bubble just waiting to burst. Near term prospects with earnings and a rush of buying in oil related securities.
Sources:
- http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=ORIG.O
- https://www.google.ca/finance?q=NASDAQ%3AORIG&hl=en&gl=ca&ei=RineVsKyBNWyjAGe-r6QBA
- http://theenterpriseleader.com/stock-watch/the-growth-estimates-for-ocean-rig-udw-inc-nasdaqorig/77365/
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