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

Zacks Investment Research cut shares of Hornbeck Offshore Services (NYSE:HOS) from a hold rating to a sell rating in a research report released on Tuesday, July 4th.

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. “

HOS has been the subject of a number of other research reports. Seaport Global Securities cut shares of Hornbeck Offshore Services from a buy rating to a neutral rating in a research note on Friday, June 2nd. ValuEngine cut shares of Hornbeck Offshore Services from a sell rating to a strong sell rating in a research report on Friday, June 2nd. Four equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has an average rating of Sell and a consensus price target of $6.00.

Hornbeck Offshore Services (NYSE:HOS) opened at 2.78 on Tuesday. The stock has a 50 day moving average price of $2.57 and a 200 day moving average price of $3.90. The firm’s market capitalization is $102.21 million. Hornbeck Offshore Services has a one year low of $1.51 and a one year high of $9.07.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Raging Capital Management LLC raised its position in shares of Hornbeck Offshore Services by 103.3% in the first quarter. Raging Capital Management LLC now owns 3,595,000 shares of the oil and gas company’s stock valued at $15,926,000 after buying an additional 1,826,480 shares during the period. Bank of New York Mellon Corp raised its position in shares of Hornbeck Offshore Services by 260.1% in the first quarter. Bank of New York Mellon Corp now owns 1,634,675 shares of the oil and gas company’s stock valued at $7,241,000 after buying an additional 1,180,699 shares during the period. Mackenzie Financial Corp raised its position in shares of Hornbeck Offshore Services by 17.2% in the first quarter. Mackenzie Financial Corp now owns 2,253,000 shares of the oil and gas company’s stock valued at $9,981,000 after buying an additional 331,000 shares during the period. Kennedy Capital Management Inc. raised its position in shares of Hornbeck Offshore Services by 30.7% in the first quarter. Kennedy Capital Management Inc. now owns 710,015 shares of the oil and gas company’s stock valued at $3,145,000 after buying an additional 166,657 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in shares of Hornbeck Offshore Services by 67.7% in the first quarter. Parametric Portfolio Associates LLC now owns 234,487 shares of the oil and gas company’s stock valued at $1,039,000 after buying an additional 94,690 shares during the period. Institutional investors and hedge funds own 97.45% of the company’s stock.

About Hornbeck Offshore Services

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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