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Earnings Estimates Moving Higher for Ocean Rig (ORIG): Time to Buy?

Ocean Rig UDW Inc. ORIG is an offshore drilling contractor that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on ORIG’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Ocean Rig could be a solid choice for investors.

Current Quarter Estimates for ORIG

In the past 30 days, 1 estimate has gone higher for Ocean Rig while none has gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 59 cents a share 30 days ago, to 71 cents today, a move of 20.3%.

Current Year Estimates for ORIG

Meanwhile, Ocean Rig’s current year figures are also looking quite promising, with 2 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $1.21 per share 30 days ago to $1.61 per share today, an increase of 33.1%.

Bottom Line

The stock has also started to move higher lately, adding 14.2% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future.

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OCEAN RIG UDW (ORIG): Free Stock Analysis Report
 
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