NEW YORK, NY / ACCESSWIRE / June 20, 2017 / DryShips was one of the biggest losers in the market yesterday after announcing another reverse-split, the second in the last month. Shares collapsed upon the news. Zion Oil & Gas saw big gains as the company announced a milestone update on a drilling operation that is ongoing.

RDI Initiates Coverage on:

DryShips Inc.
https://ub.rdinvesting.com/news/?ticker=DRYS

Zion Oil & Gas, Inc.
https://ub.rdinvesting.com/news/?ticker=ZN

DryShips Inc. traders didn't seem very thrilled about the company announcing another reverse split. The second in the past month to be exact. Shares tanked in Monday trading and closed down 32% after DryShips revealed that it would be enacting a 1-for-5 reverse split that will go into effect on Thursday, June 22nd. Outstanding shares for the bulk vessel company will end up at 4.8 million from 24.1 million. Last month the company had completed a 1-for-7 reverse split. When the newest reverse stock split becomes effective later this week, every five shares of the Company's issued common stock will be automatically combined into one share of common stock. The split had been approved on May 2nd, at the annual general meeting of shareholders.

Access RDI's DryShips Research Report at:
https://ub.rdinvesting.com/news/?ticker=DRYS

Zion Oil & Gas, Inc.'s shares closed up 32.21% on Monday and hit a new high of $3.95 during intra-day trading. The stock was one of the biggest gainers on the NASDAQ as well as one of the most active with trading volume nearly 33 times higher than usual. The company released a milestone update on its ongoing drilling operations with its Megiddo-Jezreel #1 well. COO Dustin Guinn commented, "We are pleased to announce that we have reached an early milestone in the drilling of the MJ#1 well. We are encouraged with the operational results to date and continue to be satisfied with the performance of the Zion staff and service providers with respect to their adherence to our strict safety expectations." The company reached a first casing point at a depth of 1,950 feet and has a proposed total depth of approximately 15,000 feet. The company explores for oil and gas onshore in Israel and its operations are focused on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.

Access RDI's Zion Oil & Gas Research Report at:
https://ub.rdinvesting.com/news/?ticker=ZN

Our Actionable Research on DryShips Inc. (NASDAQ: DRYS) and Zion Oil & Gas, Inc. (NASDAQ: ZN) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com