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 debt is now trading at $55.00 and was trading at $53.00 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.

HOS has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Hornbeck Offshore Services from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Seaport Global Securities lowered shares of Hornbeck Offshore Services from a “buy” rating to a “neutral” rating in a report on Friday, June 2nd. Finally, ValuEngine lowered shares of Hornbeck Offshore Services from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $6.00.

Several hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC increased its stake in Hornbeck Offshore Services by 3,278.6% in the first quarter. Tower Research Capital LLC TRC now owns 32,029 shares of the oil and gas company’s stock valued at $142,000 after buying an additional 31,081 shares in the last quarter. Raging Capital Management LLC increased its stake in Hornbeck Offshore Services by 103.3% in the first quarter. Raging Capital Management LLC now owns 3,595,000 shares of the oil and gas company’s stock valued at $15,926,000 after buying an additional 1,826,480 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Hornbeck Offshore Services by 15.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 394,747 shares of the oil and gas company’s stock valued at $1,749,000 after buying an additional 52,229 shares in the last quarter. Kennedy Capital Management Inc. increased its stake in Hornbeck Offshore Services by 30.7% in the first quarter. Kennedy Capital Management Inc. now owns 710,015 shares of the oil and gas company’s stock valued at $3,145,000 after buying an additional 166,657 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Hornbeck Offshore Services by 3.7% in the first quarter. Geode Capital Management LLC now owns 225,599 shares of the oil and gas company’s stock valued at $999,000 after buying an additional 8,051 shares in the last quarter. 97.45% of the stock is owned by institutional investors and hedge funds.

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Hornbeck Offshore Services Company Profile

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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