The Hornbeck Offshore Services (HOS) Cut to “Strong Sell” at Zacks Investment Research

The Hornbeck Offshore Services (HOS) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Hornbeck Offshore Services (NYSE:HOS) from a hold rating to a strong sell rating in a research note released on Tuesday morning.

According to Zacks, “Hornbeck Offshore provides technologically advanced, new generation OSVs serving the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico and in select international markets. The focus of their OSV business is on complex exploration and production activities, which include deepwater, deep well and other logistically demanding projects. They also transport petroleum products through their tug and tank barge segment serving the energy industry, primarily in the northeastern United States and Puerto Rico. “

A number of other brokerages have also weighed in on HOS. Cowen and Company decreased their price objective on shares of Hornbeck Offshore Services from $8.50 to $6.00 and set a market perform rating for the company in a report on Thursday, October 6th. TheStreet lowered shares of Hornbeck Offshore Services from a hold rating to a sell rating in a report on Wednesday, August 3rd. Finally, Iberia Capital lowered shares of Hornbeck Offshore Services from a sector perform rating to an underperform rating in a report on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $11.75.

Shares of Hornbeck Offshore Services (NYSE:HOS) opened at 5.99 on Tuesday. The stock’s market cap is $217.65 million. The stock’s 50 day moving average is $5.47 and its 200-day moving average is $7.93. Hornbeck Offshore Services has a 12-month low of $4.35 and a 12-month high of $16.71.

Hornbeck Offshore Services (NYSE:HOS) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by $0.18. Hornbeck Offshore Services had a negative return on equity of 1.60% and a negative net margin of 4.87%. The firm had revenue of $53.67 million for the quarter, compared to analysts’ expectations of $66.74 million. During the same period in the prior year, the firm posted $0.53 earnings per share. Hornbeck Offshore Services’s revenue for the quarter was down 60.7% on a year-over-year basis. Equities analysts expect that Hornbeck Offshore Services will post ($1.93) EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of HOS. Vanguard Group Inc. increased its stake in Hornbeck Offshore Services by 3.1% in the second quarter. Vanguard Group Inc. now owns 2,846,745 shares of the company’s stock valued at $23,742,000 after buying an additional 86,901 shares in the last quarter. Mackenzie Financial Corp increased its stake in Hornbeck Offshore Services by 7.6% in the second quarter. Mackenzie Financial Corp now owns 2,236,861 shares of the company’s stock valued at $18,655,000 after buying an additional 157,600 shares in the last quarter. I.G. Investment Management LTD. increased its stake in Hornbeck Offshore Services by 11.7% in the second quarter. I.G. Investment Management LTD. now owns 875,500 shares of the company’s stock valued at $7,302,000 after buying an additional 91,900 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Hornbeck Offshore Services by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 802,631 shares of the company’s stock valued at $6,694,000 after buying an additional 4,255 shares in the last quarter. Finally, Kennedy Capital Management Inc. increased its stake in Hornbeck Offshore Services by 45.5% in the first quarter. Kennedy Capital Management Inc. now owns 800,886 shares of the company’s stock valued at $7,953,000 after buying an additional 250,302 shares in the last quarter.

Hornbeck Offshore Services Company Profile

Hornbeck Offshore Services Inc provides marine transportation, subsea installation and accommodation support services to exploration and production, oilfield service, offshore construction and the United States military customers. The Company focuses on providing marine solutions for the deepwater and ultradeepwater energy industry in domestic and select foreign locations.

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