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DryShips Inc Loses Goldman Sachs Coverage, Stock Collapses

By Peter York, Published: September 22nd, 2011 5:20 PM CDT

DryShips Inc (NASDAQ:DRYS) fell over 9% today in response to a report that Goldman Sachs (NYSE:GS) has dropped its coverage of the company.  Analyst Scott Melet is leaving the company and has not been replaced, leaving Dryships and other tanker and bulker owner stocks without a sell side analyst from Goldman.  DryShips has eight other analysts covering the stock, yet investors were clearly disappointed with the news.  Goldman Sachs had a small position worth around 2 million dollars as of June 2011.

Despite a market capitalization of over 1 billion, DryShips is only 21% owned by institutional investors.  DryShips stock is down over 18% this week as it is in the process of spinning off some of its stake in Ocean Rig UDW, which will make its debut on the NASDAQ global markets in early October.  DryShips executives are hoping that pure play ultra deep water drilling company Ocean Rig, whose market value has been trading at around 2 billion dollars in Norway, will get attention and liquidity in the American stock market so that its three quarter equity stake in the company can be better reflected in DryShips stock, which currently trades at a one third discount of their Ocean Rig equity stake.  Ocean Rig will begin trading as stock symbol ORIG on October 6th.

Related: DRYS

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