On Thursday, Shares of DryShips Inc. (NASDAQ:DRYS), gained 6.15% to $0.190.
DryShips, declared that it has reached a contract to acquire about 98% of Nautilus OffShore Services Inc. (hereafter referred to as “Nautilus”) for a purchase price of $87 million plus the assumption of about $33 million of net debt.
Nautilus indirectly through its auxiliaries owns six Offshore Supply Vessels of which four are Oil Spill Recovery Vessels (OSRVs) and two are Platform Supply Vessels (PSVs), all of which are on time charter to Petrobras until certain dates through 2017. The vessels are managed by TMS OffShore Services Inc., an entity controlled by the Company’s Chief Executive Officer, Mr. George Economou.
The purchase price will be partly financed by a new loan facility of $50 million offered to the Company by an entity controlled by Mr. George Economou. The loan will be secured by shares that the Company holds in Ocean Rig UDW Inc. and by one Panamax drybulk carrier and has a tenor of three years. In addition, the lenders and the borrowers have certain conversion rights.
DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes, and offshore deepwater drilling services. The company operates through Drybulk, Tanker, and Drilling segments. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries.
Shares of International Paper Co (NYSE:IP), inclined 3.62% to $42.69, during its last trading session.
International Paper (IP) Chairman and CEO Mark S. Sutton, will speak at the Vertical Research Partners Global Materials Conference on November 18, 2015, in New York City. The presentation is planned to start at 1:00pm EST., followed by a question and answer session.
International Paper Company operates as a paper and packaging company in North America, Europe, Latin America, Russia, Asia, Africa, and the Middle East. The company operates through three segments: Industrial Packaging, Printing Papers, and Consumer Packaging.
Finally, Shares of T. Rowe Price Group Inc (NASDAQ:TROW), ended its last trade with 6.62% gain, and closed at $74.25.
T. Rowe Price Group, stated its third quarter of 2015 results, counting net revenues of $1.05 billion, net income of $277.1 million, and diluted earnings per common share of $1.06. On a comparable basis, net revenues were $1.02 billion, net income was $303.6 million, and diluted earnings per common share was $1.12 in the third quarter of 2014. Weighted-average common stock outstanding has reduced since the end of 2014 as the firm has repurchased 11.2 million shares, or 4%, of its outstanding common stock during 2015.
Financial Highlights
For the three-month period ended September 30, 2015, the mutual funds’ net cash flows after client transfers comprise net outflows of $3.7 billion from the fixed income funds that were offset in part by net inflows of $.4 billion into the stock and blended asset funds and $.2 billion into the money market funds. For the other portfolios, net cash inflows during the third quarter of 2015 were $2.4 billion, counting $1.9 billion of transfers from the mutual funds. These net cash inflows comprise net inflows from subadvised clients and the firm’s other sponsored portfolios that were offset in part by net cash outflows from a small number of institutional investors. The firm’s overall net cash flows for the third quarter of 2015 comprise $1.4 billion that originated in the firm’s target-date retirement strategies, which totaled $156.9 billion in assets under administration at September 30, 2015. These target-date assets contribute to the nearly $201 billion of assets under administration in the firm’s asset allocation portfolios.
- Rowe Price remains debt-free with ample liquidity, counting cash and sponsored portfolio investment holdings of nearly $3.0 billion at September 30, 2015. The firm expended $852 million during the first nine months of 2015 to repurchase 11.2 million shares of its outstanding common stock, counting nearly $467 million to repurchase 6.4 million shares in the third quarter. Based on current planned projects and plans, the firm anticipates capital expenditures for the full year 2015 to be about $170 million, counting $115 million already invested in technology and facilities this year. The firm’s expenditures for the year have been made from its available liquid resources.
- Rowe Price Group, Inc. is a publicly owned asset administration holding company. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. Through its auxiliaries, it launches and manages equity and fixed income mutual funds.