Cramer Calls Hornbeck (HOS) a Play on the Shortage of Offshore Support Vessels
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Rating Summary:
5 Buy, 10 Hold, 2 Sell
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Today's Overall Ratings:
Up: 10 | Down: 11 | New: 7
Rating Summary:
5 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 7
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Continuing his theme on offshore drilling, Cramer focused on a play on cleaner offshore drilling technology on Friday's Mad Money: Hornbeck Offshore Services (NYSE: HOS).
Cramer informed investors that Hornbeck is a manufacturer of offshore support vessels, products that "enable rigs to remain upright during extreme weather..." He also told viewers of his CNBC show that there is currently a shortage of offshore support vessels, meaning that Hornbeck will likely be able to "command better rates" for their vessels. The President of Cramerica notes that Hornbeck is highly involved in operations in the Gulf of Mexico, in addition to operations in Brazil.
Notably, Cramer believes Hornbeck could sell its tugboat and barge business and use the proceeds to purchase more offshore support vessels.
The Cramer Effect is intact this morning; shares of Hornbeck are trading slightly higher on the Cramer tout. The stock is currently up about 2.2%, or $1.27, to $57.89 in pre-market trading.
Hornbeck Offshore Services, Inc., through its subsidiaries, provides offshore supply vessels (OSVs) to the offshore oil and gas exploration and production industry.
Cramer informed investors that Hornbeck is a manufacturer of offshore support vessels, products that "enable rigs to remain upright during extreme weather..." He also told viewers of his CNBC show that there is currently a shortage of offshore support vessels, meaning that Hornbeck will likely be able to "command better rates" for their vessels. The President of Cramerica notes that Hornbeck is highly involved in operations in the Gulf of Mexico, in addition to operations in Brazil.
Notably, Cramer believes Hornbeck could sell its tugboat and barge business and use the proceeds to purchase more offshore support vessels.
The Cramer Effect is intact this morning; shares of Hornbeck are trading slightly higher on the Cramer tout. The stock is currently up about 2.2%, or $1.27, to $57.89 in pre-market trading.
Hornbeck Offshore Services, Inc., through its subsidiaries, provides offshore supply vessels (OSVs) to the offshore oil and gas exploration and production industry.
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