Ocean Rig UDW (FRA:9ORN) Momentum Rank : 0 (As of Jun. 07, 2024)

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What is Ocean Rig UDW Momentum Rank?

Ocean Rig UDW has the Momentum Rank of 0.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

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Ocean Rig UDW (FRA:9ORN) Business Description

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http://www.ocean-rig.com

Ocean Rig UDW Inc is an international offshore drilling contractor. It provides oilfield services for offshore oil and gas exploration, development and production drilling and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. The company employs drilling units primarily on a day rate basis for periods of between two months and six years to drill wells for its customers, typically major oil companies, integrated oil and gas companies, state-owned national oil companies and independent oil and gas companies.

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