NEW YORK (TheStreet) -- DryShips(DRYS_) received an upgrade to "buy" from "hold" late Tuesday by Nordea Equity Research analyst Axel Styrman, according to Bloomberg data.
Styrman raised his target price on the Greek dry bulk shipper to $2.10 from $2 on DryShips shares, which were up 1.10% to $1.84 Wednesday.
Last CC the value was stated by GE to be 2.70. Looks like analysts are expecting a considerable drop in shares owned of ORIG. GE worked hard in my opinion on the ORIG investment only to have his mistakes in OCNF and Tankers take so much. Now the question is how much more will DRYS really have to sell.
Mw, and all this is like playing Monday morning QB!!! When GE bought Orig... He had all those bulkers leased at very profitable rated!! And stk holders were just throwing money at him.. Drys went public with 33M shrs @$20 per shr.. Hell they bought anouther 350M shrs at $100. down to $2. a shr!!! As the revenues from those leases were good for a few yrs.. Won't any problem, borrowing money on newbuilds... Debt was last stated as like $4.5B for Dry + Orig.. I personally think it may be a lot more???My conclusion: Right or Wrong!! Geo, family and friends ended up with most of the money payed for all that stk!! And Geo, may have channeled some of those billions in loans to himself??? The first indication, all the moneys from stk sales were gone and all the profits from all those bulkers and the 2 rigs that come with Orig was gone!!! When they sold 22% of Orig to raise $500M in order to take delivery of the first newbuilt rig in Jan 2011?? Wish I had of give that some more thought.. But at the time I just loved this stk!! First 2 rigs generating $200M apiece and they were reporting like 50% in profits.. All I could think about.. 6 rigs would be generating $1.2B and maybe $600M a yr in profits... Big deal he give his nephew about $50M for his shr of Ocnf?? And was ordering newbuilds there wasn't any demand for?? Now try to figure out why those rigs are generating the revenue expected??? But they ain't profitable?? And lets don't even get into where Drys is sitting, trying to figure out what to do about all that debt and all the newbuilds, they need to figure out what to do with??? Here is the sad part about those newbuilds!!! After losing all the million they have invested in them..The last 5 they got rid of!! They had to eat all those millions already paid toward building them.. And pay someone millions more to take them... Yet ole Geo spun it as best he could... We got rid of Cap Ex??? BS!! He couldn't borrow money to continue building them!!! Drys borrowing is dry!!!