DryShips (DRYS) Stock Rating Upgraded by BidaskClub

DryShips (NASDAQ:DRYS) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Thursday.

DRYS stock opened at $3.74 on Thursday. DryShips has a 1 year low of $0.98 and a 1 year high of $482.65. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.19.

DryShips (NASDAQ:DRYS) last released its quarterly earnings results on Tuesday, February 27th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter. DryShips had a negative return on equity of 7.98% and a negative net margin of 29.86%. The company had revenue of $42.59 million during the quarter.

DryShips declared that its board has initiated a share buyback program on Wednesday, February 7th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the shipping company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC purchased a new stake in DryShips in the fourth quarter worth about $777,000. Sei Investments Co. purchased a new stake in DryShips in the third quarter worth about $200,000. Centenus Global Management LP purchased a new stake in DryShips in the fourth quarter worth about $275,000. Deutsche Bank AG grew its holdings in DryShips by 3,145.4% in the fourth quarter. Deutsche Bank AG now owns 75,424 shares of the shipping company’s stock worth $266,000 after purchasing an additional 73,100 shares during the period. Finally, Covalis Capital LLP purchased a new stake in DryShips in the fourth quarter worth about $136,000. 3.23% of the stock is owned by institutional investors.

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DryShips Company Profile

DryShips Inc owns and operates ocean going cargo vessels worldwide. It operates through two segments, Drybulk and Offshore Support. The Drybulk segment offers drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries. The Offshore Support segment provides its services to the global offshore energy industry.

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