NEW YORK (TheStreet) -- Ocean Rig UDW Inc. (ORIG) price target was raised to $24 from $23 by analysts at Barclays (BCS) on Tuesday in response to the the release of the company's first quarter earnings results last week.
The firm maintained its "overweight" rating on the company's shares.
Ocean Rig UDW reported revenue of $360.76 million, well above analysts expectations of $330.07 million while reporting a net loss of -1 cent per share, 1 cent better than analysts expectations.
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Separately, TheStreet Ratings team rates OCEAN RIG UDW INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCEAN RIG UDW INC (ORIG) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and generally higher debt management risk."
Highlights from the analysis by TheStreet Ratings Team goes as follows: