DryShips Trades Higher on Drill Deal
Huntington Asset Advisors' Peter Sorrentino noted recently that he likes DryShips because it "specializes in the supply and movement of deepwater drilling equipment. With the moratorium in the Gulf of Mexico there are a number of rigs being moved currently to the west coast of Africa and towards the east coast of Brazil. This activity is not currently reflected in estimates for the company and should result in earnings surprises for the next couple of quarters."
"In addition, the demand for dry-bulk shipping of grains and minerals will be stronger than initially forecast due to both weather and industrial production issues," he added.
Sorrentino said DryShips is in a position where, if Baltic Dry shipping rates tick up on better economic data, it will take off.
The analyst expects DryShips' stock to at least double within a year.
>>13 Hot Stocks Poised to Double, Triple ... Even Quadruple -- Written by Miriam Marcus Reimer in New York.>To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: tips@thestreet.com.
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