September 12, 2016 - 10:00 AM EDT
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Basic Materials Sector Feels Loss of 3.83% for Ocean Rig UDW Inc. (ORIG) in Early Trading on September 12


Ocean Rig UDW Inc. (ORIG) started the trading day on a down note, making it one of the worst performing stocks in the basic materials sector of NYSE and NASDAQ listed companies shortly after the opening bell on September 12. Shares of ORIG have fallen 3.83% about 30 minutes into the session to $0.75 after closing the day prior at $0.78. It’s early, but the stock has traded as high as $0.76 and as low as $0.74 so far. Today’s quick decline has come with about 54,508 shares changing hands, compared to an average 30-day volume of 3.61 million for Ocean Rig UDW Inc.. The price is currently below the 30-day volume weighted average price of $0.75 for ORIG.

The share depreciation gives the company a market capitalization of $125.49 million based upon 160.89 million shares outstanding. It also means that ORIG has a price-to-book ratio of 0.03:1.

In the past 52 weeks, shares of ORIG have traded as low as $0.6601 and as high as $3.38. Technical traders will take note that at $0.75, shares of ORIG are trading below their 200-day MA at $1.6 and below their 50-day MA at $1.67. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.

Who is ORIG?

Ocean Rig UDW Inc is an offshore drilling contractor providing oilfield services for offshore oil & gas exploration, development & production drilling & specializing in the ultra-deepwater & harsh-environment segment of the offshore drilling industry. The company’s 2274 employees are led by CEO George Economou from the corporate headquarters at 10 Skopa Street, Tribune House in Nicosia, .

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Source: Financial Press News (September 12, 2016 - 10:00 AM EDT)

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