Hornbeck Offshore Services (NYSE:HOS) was downgraded by stock analysts at Wunderlich from a “buy” rating to a “hold” rating in a report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $61.00 price target on the stock, down from their previous price target of $70.00. Wunderlich’s price objective indicates a potential upside of 10.37% from the company’s current price.
The analysts wrote, “We are downgrading shares of Hornbeck Offshore (HOS) to Hold from Buy and reducing our price target to $61 from $70. We have lowered our 2013 EPS estimate to $2.39 from $2.52 and reduced our 2014 EPS estimate to $3.62 from $4.58. Our decreased estimates stem from a less optimistic progression for dayrates for Hornbeck’s new generation offshore support vessels in light of an influx of newbuild vessels in the US Gulf of Mexico which we believe will slow positive dayrate progression until 2H14.”
Shares of Hornbeck Offshore Services (NYSE:HOS) opened at 55.27 on Friday. Hornbeck Offshore Services has a 1-year low of $31.96 and a 1-year high of $59.10. The stock’s 50-day moving average is $57.57 and its 200-day moving average is $54.12. The company has a market cap of $1.991 billion and a price-to-earnings ratio of 41.22.
Hornbeck Offshore Services (NYSE:HOS) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.57 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.56 by $0.01. The company had revenue of $132.90 million for the quarter, compared to the consensus estimate of $146.12 million. During the same quarter last year, the company posted $0.20 earnings per share. Hornbeck Offshore Services’s revenue was up 15.6% compared to the same quarter last year. On average, analysts predict that Hornbeck Offshore Services will post $2.49 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on HOS. Analysts at Credit Suisse raised their price target on shares of Hornbeck Offshore Services from $65.00 to $70.00 in a research note to investors on Tuesday, October 8th. Separately, analysts at Cowen and Company initiated coverage on shares of Hornbeck Offshore Services in a research note to investors on Tuesday, October 8th. They set an “outperform” rating and a $80.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. initiated coverage on shares of Hornbeck Offshore Services in a research note to investors on Friday, August 30th. They set an “overweight” rating and a $67.00 price target on the stock. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Hornbeck Offshore Services has a consensus rating of “Buy” and a consensus target price of $66.62.
Hornbeck Offshore Services, Inc, is a provider of marine transportation services to exploration and production, oilfield service, offshore construction and United States military customers.
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