CHICAGO: DryShips was upgraded by Zacks from a “sell” rating to a “hold” rating in a research note issued, Analyst Ratings Net reports.
According to Zacks, “DryShips delivered below par results in the second quarter of 2015 reporting lower-than-expected revenues as well as earnings. All the segments performed disappointingly in the quarter. Moreover, mounting debt levels, rising cost, stiff pricing competition and the cyclical nature of the shipping industry can potentially impede growth going forward. However, we believe several contract wins are likely to act as tailwinds for DryShips, going forward. Moreover, reduced oil prices should act as a strong catalyst for the company.”
Shares of DryShips (NASDAQ:DRYS) traded down 4.167% during midday trading, hitting $0.345. The stock had a trading volume of 2,209,357 shares. The stock’s 50-day moving average is $0.49 and its 200-day moving average is $0.71. The stock’s market cap is $231.86 million. DryShips has a 12 month low of $0.29 and a 12 month high of $3.33.
DryShips (NASDAQ:DRYS) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters consensus estimate of $0.06. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. The firm had revenue of $403.20 million for the quarter, compared to the consensus estimate of $511.89 million. The company’s revenue for the quarter was down 23.6% compared to the same quarter last year. Equities analysts anticipate that DryShips will post $0.16 EPS for the current year.
Separately, Vetr downgraded DryShips from a “strong-buy” rating to a “buy” rating and set a $1.30 target price on the stock. in a report on Tuesday, May 12th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $1.24.
DryShips Inc. is a holding company. The Company is a provider of ocean transportation services for drybulk and petroleum cargoes through its ownership and operation of drybulk carrier vessels and oil tankers and offshore drilling services through the ownership and operation by its majority-owned subsidiary, Ocean Rig UDW, of deepwater drilling units. It owns a fleet of approximately 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and two Supramax vessels, 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. Its drybulk carriers, drilling units and oil tankers operate around the world. The Company’s segments include Drybulk, Tanker and Drilling.
