Ocean Rig UDW (ORIG) Profit Surprises Wall Street; National Grid (NGG) PT Boosted at Barclays
Shares of Ocean Rig UDW Inc. (Nasdaq:ORIG) soared more than 30% in the extended session Thursday as the company unveiled quarterly profit and revenue numbers well-above Wall Street analysts’ expectations.
For the first quarter 2016, Ocean Rig UDW posted revenues of $508.0 million, a 26.33% increase year over year, and net income – excluding non-recurring items – of $163.0 million, or $1.17 per share, easily surpassing the Capital IQ Consensus Estimate of $0.88 earnings per share on revenues of $426.23 million for the period
ORIG stock closed at $1.81, down $0.09 (or -4.74%) and 2,562,806 of its shares exchanged hands during the day
Ocean Rig UDW, an international contractor of offshore deepwater drilling services, has 82.59M Shares Outstanding and ORIG stock one-year range is between $0.66 and $8.77 per share. At close on Thursday, the company had a Market Capitalization of $149.48M.
Investment analysts at Barclays reiterated an Overweight rating and raised their price target for National Grid plc (NYSE:NGG) shares from $74.00 to $80.00 after the electricity and gas utility company delivered strong financial and operational results
For the full year ended March 31, 2016, National Grid posted – adjusted – profit before tax of £3.14 billion, a 9% increase year over year, and earnings per share of 63.5 pence, up 10% versus the same period the prior year.
However, NGG stock finished in negative territory by 0.82% at $72.19, with a total volume of 660,973 shares traded on Thursday.
National Grid has 752.20M Shares Outstanding, Market Capitalization (intraday) of $54.30B and NGG stock 52-week range is from $63.75 to $73.92 per share
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