Transportation
Is This the Lucky No. 7 Reverse Stock Split for DryShips?
Published:
Last Updated:
Since March of 2016, cargo carrier DryShips Inc. (NASDAQ: DRYS) has conducted six reverse stock splits. On June 22, the company’s seventh reverse split — this time a one-for-five split — will become effective.
Initially founded as a dry-bulk carrier, DryShips now owns a fleet of 19 dry-bulk vessels, four tankers, four very large gas carriers (VLGCs) of liquid petroleum gas (LPG), and six offshore support vessels.
Only one of the VLGCs has been delivered to date this year, but the shipping company expects to receive the other three by the end of the year. Each vessel costs $83.5 million, and the company’s January announcement started the year off wrong with investors who promptly voted with their feet on the company’s plan to begin shipping LPG.
Here’s a list of the carrier’s reverse split history since March 2016:
A shareholder who has stuck with the company since the first split will have, on Thursday, one share for every 66 that shareholder held in March of last year. On March 1, 2016, DryShips traded at the equivalent of about $4,320 per share. The stock traded at $1.20 Monday morning, down more than 31%, after posting a new 52-week split-adjusted low of $1.19.
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.