Hornbeck Offshore Services (HOS) Bonds Drop 2% During Trading

An issue of Hornbeck Offshore Services (NYSE:HOS) bonds fell 2% as a percentage of their face value during trading on Monday. The high-yield issue of debt has a 5% coupon and will mature on March 1, 2021. The bonds in the issue are now trading at $55.00 and were trading at $53.00 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Hornbeck Offshore Services from a “sell” rating to a “hold” rating in a research note on Wednesday, April 19th. Seaport Global Securities lowered shares of Hornbeck Offshore Services from a “buy” rating to a “neutral” rating in a research note on Friday, June 2nd. Finally, ValuEngine lowered shares of Hornbeck Offshore Services from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd. Four equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company presently has a consensus rating of “Sell” and an average target price of $6.00.

Hornbeck Offshore Services (HOS) traded up 0.81% during midday trading on Friday, reaching $2.50. 1,152,667 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $2.29 and its 200-day moving average price is $4.60. Hornbeck Offshore Services has a one year low of $1.51 and a one year high of $9.62. The stock’s market cap is $91.92 million.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in shares of Hornbeck Offshore Services by 7.2% in the fourth quarter. State Street Corp now owns 816,200 shares of the oil and gas company’s stock valued at $5,894,000 after buying an additional 55,158 shares during the last quarter. Metropolitan Life Insurance Co. NY bought a new position in Hornbeck Offshore Services during the fourth quarter worth $157,000. Comerica Bank boosted its position in Hornbeck Offshore Services by 5.4% in the fourth quarter. Comerica Bank now owns 34,298 shares of the oil and gas company’s stock worth $256,000 after buying an additional 1,765 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in Hornbeck Offshore Services by 12.6% in the first quarter. Great West Life Assurance Co. Can now owns 48,276 shares of the oil and gas company’s stock worth $214,000 after buying an additional 5,398 shares during the last quarter. Finally, Teachers Advisors LLC boosted its position in Hornbeck Offshore Services by 9.6% in the fourth quarter. Teachers Advisors LLC now owns 71,850 shares of the oil and gas company’s stock worth $519,000 after buying an additional 6,308 shares during the last quarter. 97.45% of the stock is currently owned by institutional investors and hedge funds.

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About Hornbeck Offshore Services

Hornbeck Offshore Services Inc provides marine transportation, subsea installation and accommodation support services to exploration and production, oilfield service, offshore construction and the United States military customers. The Company focuses on providing marine solutions for the deepwater and ultradeepwater energy industry in domestic and select foreign locations.

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