Hornbeck Offshore Services (NYSE:HOS) Shares Climb 6% After Insider Buying Activity

Key Points

• Hornbeck Offshore shares rose 6% to about $5.91 after CEO Todd M. Hornbeck disclosed two stock purchases totaling roughly $1.5 million over consecutive days.
• The company reported a quarterly loss of $0.40 per share, missing analyst expectations for earnings of $0.19 per share; Wall Street Zen also cut its rating from “buy” to “hold.”
• Trading volume was about 449,000 shares, 78% below the average session volume.

Hornbeck Offshore Services, Inc. (NYSE:HOS - Get Free Report) shot up 6% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $5.88 and last traded at $5.9050. Approximately 448,686 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,060,686 shares. The stock had previously closed at $5.57.

Specifically, CEO Todd M. Hornbeck acquired 91,296 shares of the stock in a transaction dated Wednesday, November 11th. The stock was acquired at an average cost of $5.48 per share, with a total value of $500,302.08. Following the completion of the transaction, the chief executive officer owned 5,950,514 shares in the company, valued at $32,608,816.72. This represents a 1.56% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd M. Hornbeck bought 189,570 shares of the business's stock in a transaction that occurred on Tuesday, November 10th. The shares were purchased at an average price of $5.28 per share, for a total transaction of $1,000,929.60. Following the completion of the purchase, the chief executive officer directly owned 5,859,218 shares of the company's stock, valued at approximately $30,936,671.04. This trade represents a 3.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Hornbeck Offshore Services from a "buy" rating to a "hold" rating in a research note on Monday.

Hornbeck Offshore Services Stock Performance

The company has a 50-day moving average price of $7.47. The firm has a market capitalization of $870.13 million, a price-to-earnings ratio of -21.08 and a beta of 1.31. The company has a quick ratio of 3.47, a current ratio of 2.00 and a debt-to-equity ratio of 0.35.

Hornbeck Offshore Services (NYSE:HOS - Get Free Report) last issued its earnings results on Monday, November 9th. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.59). Hornbeck Offshore Services had a positive return on equity of 3.12% and a negative net margin of 5.58%. During the same period last year, the business posted $0.28 EPS. On average, research analysts expect that Hornbeck Offshore Services, Inc. will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Hornbeck Offshore Services

Institutional investors have recently modified their holdings of the stock. Valueworks LLC purchased a new position in shares of Hornbeck Offshore Services in the 3rd quarter valued at $28,572,000. Boston Partners purchased a new stake in Hornbeck Offshore Services in the third quarter valued at $20,400,000. Assenagon Asset Management S.A. purchased a new stake in Hornbeck Offshore Services in the third quarter valued at $15,012,000. Edgestream Partners L.P. acquired a new position in Hornbeck Offshore Services in the third quarter valued at $7,385,000. Finally, Royce & Associates LP purchased a new position in shares of Hornbeck Offshore Services during the third quarter worth about $3,703,000. Hedge funds and other institutional investors own 91.33% of the company's stock.

About Hornbeck Offshore Services

Hornbeck Offshore Services provides marine transportation and support services for the offshore oil and gas industry. Its fleet includes offshore supply vessels and multi-purpose support vessels that carry equipment and supplies, assist with construction and subsea work, and support exploration, development and production activities. Founded in 1997, the company has focused on serving deepwater and other demanding offshore operations. Its vessels and services support customers in the U.S. Gulf of Mexico and select international markets.

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