Today's Research Reports on Stocks to Watch: Teekay Corporation and DryShips
NEW YORK, NY / ACCESSWIRE / June 12, 2017 / Teekay Corporation fell into the red on Friday and even saw a new low after Morgan Stanley cut its rating on the stock. The firm's note on Teekay was pretty discouraging and left traders wondering about the future of the stock. DryShips saw a gain on Friday however after announcing not one, but two deliveries last week for a very large crude carrier and a drybulk.
RDI Initiates Coverage on:
Teekay Corporation
https://ub.rdinvesting.com/news/?ticker=TK
DryShips Inc.
https://ub.rdinvesting.com/news/?ticker=DRYS
Teekay Corporation's shares closed down 3.89% on Friday and hit a new low of $5.22 during intra-day trading. So why the drop? Morgan Stanley decided to cut its rating on the stock from "equalweight" to "underweight." The firm warned, "TOO's balance sheet remains under stress as the company has large unfunded liabilities and a considerable portion of its cash flow is at risk as many of its offshore contracts come to expiration." One of the most concerning things for investors was Morgan Stanley thinking the company may have to "issue large amounts of new equity [to raise cash] to meet its obligations." This would dilute the company's stake in the stock and the stakes of individual investors as well. Teekay is currently one of the world's largest marine energy transportation, storage & production companies.
Access RDI's Teekay Research Report at:
https://ub.rdinvesting.com/news/?ticker=TK
DryShips Inc. closed in the green up 3.68% this past Friday. The diversified owner of ocean going cargo vessels, announced that it "has taken delivery of the previously announced 320,105 deadweight tons Very Large Crude Carrier built in 2011. The vessel will be employed in the spot market." Since the year started, DryShips has taken delivery of nine vessels and has plans for eight more by the end of 2017. Just days before this announcement, the company also announced that it has taken delivery of the previously announced 82,129 deadweight tons Kamsarmax drybulk. Shares of DryShips have been pretty volatile, dropping randomly 12% just last month on the 31st.
Access RDI's DryShips Research Report at:
https://ub.rdinvesting.com/news/?ticker=DRYS
Our Actionable Research on Teekay Corporation (NYSE: TK) and DryShips Inc. (NASDAQ: DRYS) and can be downloaded free of charge at Research Driven Investing.
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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
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SOURCE: RDInvesting.com
