SYDNEY: DryShips was upgraded by Zacks from a “sell” rating to a “hold” rating in a research note issued on Friday, AnalystRatings.Net reports.
According to Zacks, “DryShips reported second quarter 2015 earnings wherein both the top and bottom line missed the Zacks Consensus Estimate. The lower-than-expected earnings in the second quarter can be attributed to higher costs mainly due to a surge in drilling rig operating costs. However, DryShips’ decision to sell tankers will certainly boost the company’s cash position. Moreover, continuous contract wins will also act as tailwinds for the companyContinuous below-par earnings will tend to hurt the stock significantly. Moreover, high debt levels and the cyclical nature of the shipping industry have the potential to impede growth.”
The stock had a trading volume of 3,674,032 shares. DryShips has a 12-month low of $0.16 and a 12-month high of $2.21. The company has a 50-day moving average of $0.28 and a 200-day moving average of $0.56. The stock’s market cap is $139.99 million.
DryShips last released its quarterly earnings results on Thursday, August 6th. The company reported $0.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.06. The business earned $403.20 million during the quarter, compared to analyst estimates of $511.89 million. The company’s revenue was down 23.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.01) EPS. On average, analysts anticipate that DryShips will post $0.07 earnings per share for the current fiscal year.
Separately, Deutsche Bank reaffirmed a “hold” rating and set a $0.37 target price (down from $0.50) on shares of DryShips in a report on Friday, September 11th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $1.14.
DryShips Inc. is a holding company. The Firm is a supplier of ocean transport services for drybulk and petroleum cargoes through its ownership and operation of drybulk carrier boats and oil tankers and offshore drilling services throughout the ownership and operation by its own majority-owned subsidiary company, Ocean Rig UDW, of deepwater drilling units. It owns a fleet of around 39 drybulk carriers, including 13 Capesize, 24 Panamax and two Supramax boats, 10 tankers, comprising four Suezmax and six Aframax vessels and 10 drilling units, comprising two ultra-deepwater semisubmersible offshore drilling rigs, its sixth generation ultra-deepwater drillships and four seventh generation ultra-deepwater drillships. Drilling units, its drybulk carriers and oil tankers operate around the world. The Organization‘s sections comprise Drybulk, Tanker and Drilling.
Shipping activity at Port Qasim on February 11
KARACHI: Three ships namely, Glen Canyon, Al-Salam- II and TSM Pollux carrying Containers, Gas oil and Palm oil were arranged...
