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Shares of Ocean Rig Under Pressure, Down 1.7%

Published on Tue, 01/08/2013 - 13:30
By Mallory Stone

Ocean Rig (NASDAQ:ORIG) is one of today's biggest movers, down 1.7% to $15.49. The S&P is trading lower by 0.6% to 1,453 and the Dow is trading 0.6% lower to 13,305.

There is potential upside of 49.9% for shares of Ocean Rig based on a current price of $15.49 and an average consensus analyst price target of $23.21. The stock should hit resistance at its 200-day moving average (MA) of $15.83, as well as support at its 50-day MA of $15.48.

Ocean Rig share prices have moved between a 52-week high of $18.73 and a 52-week low of $11.70 and are now trading 32% above that low price at $15.49 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.3%.

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 Mallory Stone
mstone@fnno.com