Goldman Sachs Says US Gulf OSV Fundamentals Turning, Reit Top Rating on Hornbeck Offshore (HOS)
Tweet
Share
E-mailGet Alerts HOS Hot Sheet
Price: $0.30 --0%
Rating Summary:
5 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Goldman Sachs reiterated its Conviction Buy List rating on Hornbeck Offshore (NYSE: HOS) Tuesday, saying OSV fundamentals in the US Gulf of Mexico are starting to turn more positive.
The firm states, "While we did not expect to see any strength until deepwater drilling returned, vessel utilization rates have taken a step up in March and dayrates appear to have troughed due to increased shallow water activity and non-drilling related work. We continue to expect new deepwater drilling to start as early as April and to drive the next leg of OSV demand, but faster than expected improvement represents an upside risk to our already well-above consensus estimates."
The analyst sees 24 percent upside to their $36 price target.
For more ratings news on Hornbeck Offshore click here and for the rating history of Hornbeck Offshore click here.
Shares of Hornbeck Offshore closed at $28.64 yesterday.
The firm states, "While we did not expect to see any strength until deepwater drilling returned, vessel utilization rates have taken a step up in March and dayrates appear to have troughed due to increased shallow water activity and non-drilling related work. We continue to expect new deepwater drilling to start as early as April and to drive the next leg of OSV demand, but faster than expected improvement represents an upside risk to our already well-above consensus estimates."
The analyst sees 24 percent upside to their $36 price target.
For more ratings news on Hornbeck Offshore click here and for the rating history of Hornbeck Offshore click here.
Shares of Hornbeck Offshore closed at $28.64 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- New Street Research Upgrades Micron Technology (MU) to Buy
- Powell Industries (POWL) PT Lowered to $235 at Cantor Fitzgerald
- UBS Reiterates Buy Rating on NVIDIA (NVDA), Expects Q2 Revenue Beat
Create E-mail Alert Related Categories
Analyst Comments, Hot CommentsRelated Entities
Goldman Sachs Conviction Buy List, Goldman SachsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
