DryShips Receives “Neutral” Rating from Zacks (DRYS)

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DryShips (NASDAQ:DRYS)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Thursday, StockRatingsNetwork reports. They currently have a $3.75 price target on the stock. Zacks‘s price objective suggests a potential upside of 4.75% from the stock’s previous close.

Zacks’ analyst wrote, “DryShips reported mixed financial results for the fourth quarter of 2013. While net loss was wider than the Zacks Consensus Estimate, revenues significantly surpassed the same. Nevertheless, the drybulk shipping rates and ship values have improved considerably in recent times and management is expecting the trend to continue in 2014. Year-to-date, DryShips has performed quite well with respect to top-line growth and profit margins. The company’s majority owned offshore oil drilling company, Ocean Rig UDW, is a major long-term catalyst. DryShips has a well diversified portfolio of drybulk vessels, oil tankers and offshore oil drilling units. Meanwhile, the stock price has soared a whopping 117% in the last year. We believe DryShips is currently fairly valued and therefore, reaffirm our long term Neutral recommendation on the stock. “

DryShips (NASDAQ:DRYS) traded down 0.56% on Thursday, hitting $3.56. 4,113,749 shares of the company’s stock traded hands. DryShips has a one year low of $1.65 and a one year high of $5.00. The stock has a 50-day moving average of $3.59 and a 200-day moving average of $3.47. The company’s market cap is $1.465 billion. DryShips also saw a significant drop in short interest during the month of January. As of February 28th, there was short interest totalling 9,020,221 shares, a drop of 17.9% from the February 14th total of 10,982,258 shares. Based on an average trading volume of 9,636,012 shares, the days-to-cover ratio is presently 0.9 days. Currently, 2.3% of the company’s shares are sold short.

DryShips (NASDAQ:DRYS) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.01) by $0.05. The company had revenue of $282.87 million for the quarter, compared to the consensus estimate of $383.31 million. On average, analysts predict that DryShips will post $0.24 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on DRYS. Analysts at Jefferies Group raised their price target on shares of DryShips from $3.00 to $3.50 in a research note on Friday, January 31st. They now have a “hold” rating on the stock. Analysts at Nordea Equity Research upgraded shares of DryShips from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 23rd. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $3.25.

DryShips Inc (NASDAQ:DRYS) is a holding company.

To view Zacks’ full report, visit Zacks’ official website.

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