See Why DryShips (DRYS) Dropped Nearly 30% on Tuesday

DryShips Inc. (NASDAQ:DRYS) on April 11 closed the markets in red when it dropped 29.84% to $1.74, but rebounded by 7.47% to $1.87 in after-market hours, amid announcing its second consecutive common stock dividend.

DryShips Inc. (NASDAQ:DRYS) said its board of directors approved the quarterly cash dividend of $2.5 million to the common shareholders of record as of May 1, 2017 and payable on or about May 15, 2017.

In addition, the company disclosed financial values as of April 11, including cash and cash equivalents about $422.0 million, or $8.98 per share; book value of vessels, including deposits about $194.3 million, or $4.13 per share; third-party loans of about $16.5 million; Sifnos loan facility balance of about $200.0 million; and about 47,010,986 of number of shares outstanding.

DryShips a diversified owner of ocean going cargo vessels that operate worldwide. Shares of the stock likely dropped on Tuesday during market hours due to the reverse stock split, which made the equity easier to short.

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The Bottom Line

DryShips Inc. (NASDAQ:DRYS) has fell sharply by nearly 30% after the company’s board announced a second consecutive common stock dividend for the period ended March 31. For more reading, check out 11 Largest Container Shipping Companies in the World.

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