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Buyers Accumulate Shares of Ocean Rig, Up 1.3%

Published on Fri, 03/22/2013 - 10:35
By Adrienne Chilton

Up 1.3% to $16.14, Ocean Rig (NASDAQ:ORIG), is one of today's notable movers. The Dow Jones Industrial Average is now trading 0.5% higher to 14,494 and the S&P is trading 0.5% higher to 1,554.

In the past 52 weeks, shares of Ocean Rig have traded between a low of $11.70 and a high of $18.73 and are now at $16.14, which is 38% above that low price. The 200-day and 50-day moving averages have moved 0.07% higher and 0.05% higher over the past week, respectively.

Ocean Rig has overhead space with shares priced $16.14, or 26.9% below the average consensus analyst price target of $22.08. The stock should discover initial support at its 50-day moving average (MA) of $15.77 and subsequent support at its 200-day MA of $15.61.

Ocean Rig UDW, Inc. offers offshore drilling services to the oil and natural gas exploration industry. The Company operates ultra-deepwater semi-submersible offshore drilling rigs, and specializes in drilling in harsh environments.

By Adrienne Chilton