Jefferies Maintains a 'Hold' on Hornbeck Offshore (HOS); Not Just A GOM Story Anymore

Jefferies maintains a 'Hold' on Hornbeck Offshore (NYSE: HOS) price target raised from $24 to $27.

Jefferies analyst says, "HOS continues to make progress diversifying out of the GOM and is also getting some contract backlog on its MPSVs. However, we maintain our rating given the limited visibility on future permitting in the GOM and the uncertainty it creates on the sustainability of any recovery in the region."

"We are increasing our 2011 EPS to $(0.53) from $(0.79) to account for the 2Q beat, slightly higher rate assumptions for new gen OSVs and higher contracted MPSV utilization, which is partially offset by higher cost guidance. We are increasing our 2012 EPS to $1.40 from $1.28 primarily to account for slightly higher contracted MPSV utilization, which is partially offset by higher costs."

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 $24.21 yesterday.

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