Barclays Maintains an 'Overweight' on Hornbeck Offshore (HOS); Key Takeaways From Analyst Day

June 27, 2012 1:10 PM EDT
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Price: $7.36 -0.67%

Rating Summary:
    7 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Barclays maintains an 'Overweight' on Hornbeck Offshore (NYSE: HOS) price target of $53.00.

Analyst, James C. West, listed key takeaways from the Company's analyst day: 1) the short squeeze of supply vessels in the GOM is well under way, 2) pricing is now above prior cycle levels in the region, 3) the new construction program is well under way, on time and on budget, and is likely well timed for the unfolding ramp in the GOM, 4) the vessel to rig ratio has increased by at least one vessel (or dead weight ton equivalent) in post-Macondo operations, 5) oil companies are beginning to "hoard" vessels, and 6) following the current construction program the fleet may have over $600 million in EBITDA generating capacity, with all EBITDA above $100 million considered free cash flow.

For an analyst ratings summary and ratings history on Hornbeck Offshore click here. For more ratings news on Hornbeck Offshore click here.

Shares of Hornbeck Offshore closed at $33.66 yesterday.

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