Duncan Williams Lowers Price Target and Estimates on Hercules Offshore (HERO), Increased Shipyard Time
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Price: $27.96 +3.33%
Rating Summary:
3 Buy, 8 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 8 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Duncan Williams is reiterating its Strong Buy rating on shares of Hercules Offshore (NASDAQ: HERO), but is reducing its price target from $9 to $6 after a fleet status which was released last week.
The company's backlog for its domestic jackup fleet rose from 52 days to 84 days, while the firm notes that HERO has 4 rigs stacked out of 18 in the domestic market. Internationally, one rig is cold stacked as another is warm stacked. The average backlog was 349 days internationally.
To go inline with the current market trends and the company's fleet update, the firm is lowering its 2011 EPS estimate from a loss of $0.46 to a loss of $0.50 and its 2012 estimate from $0.30 to $0.20.
For more ratings news on Hercules Offshore click here and for the rating history of Hercules Offshore click here.
Shares of Hercules Offshore closed at $3.75 yesterday.
The company's backlog for its domestic jackup fleet rose from 52 days to 84 days, while the firm notes that HERO has 4 rigs stacked out of 18 in the domestic market. Internationally, one rig is cold stacked as another is warm stacked. The average backlog was 349 days internationally.
To go inline with the current market trends and the company's fleet update, the firm is lowering its 2011 EPS estimate from a loss of $0.46 to a loss of $0.50 and its 2012 estimate from $0.30 to $0.20.
For more ratings news on Hercules Offshore click here and for the rating history of Hercules Offshore click here.
Shares of Hercules Offshore closed at $3.75 yesterday.
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