Zacks Investment Research Downgrades Hornbeck Offshore Services (HOS) to Sell

Hornbeck Offshore Services (NYSE:HOS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

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. “

Separately, ValuEngine upgraded Hornbeck Offshore Services from a “sell” rating to a “hold” rating in a report on Friday, March 1st.

NYSE:HOS opened at $1.46 on Tuesday. Hornbeck Offshore Services has a 1 year low of $1.02 and a 1 year high of $6.14. The firm has a market capitalization of $55.80 million, a PE ratio of -0.45 and a beta of 2.25. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.86.

Hornbeck Offshore Services (NYSE:HOS) last released its quarterly earnings results on Wednesday, February 13th. The oil and gas company reported ($0.79) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.85) by $0.06. Hornbeck Offshore Services had a negative return on equity of 9.09% and a negative net margin of 56.08%. The company had revenue of $53.92 million during the quarter, compared to analysts’ expectations of $57.10 million. As a group, sell-side analysts predict that Hornbeck Offshore Services will post -2.6 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the company. Deutsche Bank AG lifted its holdings in shares of Hornbeck Offshore Services by 650.2% in the fourth quarter. Deutsche Bank AG now owns 498,894 shares of the oil and gas company’s stock valued at $718,000 after buying an additional 432,394 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Hornbeck Offshore Services in the fourth quarter valued at $153,000. Bank of New York Mellon Corp lifted its holdings in shares of Hornbeck Offshore Services by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 63,888 shares of the oil and gas company’s stock valued at $92,000 after buying an additional 43,317 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Hornbeck Offshore Services by 72.1% in the fourth quarter. Acadian Asset Management LLC now owns 48,390 shares of the oil and gas company’s stock valued at $70,000 after buying an additional 20,267 shares during the period. Finally, Vanguard Group Inc lifted its holdings in shares of Hornbeck Offshore Services by 20.0% in the third quarter. Vanguard Group Inc now owns 1,476,554 shares of the oil and gas company’s stock valued at $8,682,000 after buying an additional 246,050 shares during the period. Institutional investors and hedge funds own 63.24% of the company’s stock.

About Hornbeck Offshore Services

Hornbeck Offshore Services, Inc, together with its subsidiaries, provides marine transportation, subsea installation, and accommodation support services to exploration and production, oilfield service, offshore construction, and the United States military customers. It operates offshore supply vessels (OSVs), multi-purpose support vessels (MPSVs), and a shore-based facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the U.S.

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