Hercules Offshore Bond Prices Fall 3.5% (HERO)

An issue of Hercules Offshore (NASDAQ:HERO) bonds fell 3.5% against their face value during trading on Wednesday, American Banking and Market News reports. The high-yield debt issue has a 10.25% coupon and will mature on April 1, 2019. The debt is now trading at $52.50 and was trading at $52.50 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.

A number of research firms have recently commented on HERO. Analysts at Global Hunter Securities downgraded shares of Hercules Offshore from a “neutral” rating to a “reduce” rating in a research note on Tuesday. They now have a $0.80 price target on the stock, down previously from $0.90. Separately, analysts at Macquarie downgraded shares of Hercules Offshore from a “neutral” rating to an “underperform” rating in a research note on Tuesday, December 9th. Finally, analysts at Stephens downgraded shares of Hercules Offshore from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $4.02.

Hercules Offshore (NASDAQ:HERO) traded down 1.87% during mid-day trading on Wednesday, hitting $1.05. 1,721,775 shares of the company’s stock traded hands. Hercules Offshore has a 1-year low of $0.98 and a 1-year high of $6.74. The stock’s 50-day moving average is $1.3 and its 200-day moving average is $2.69. The company’s market cap is $168.9 million. Hercules Offshore also was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 36,891,862 shares, an increase of 7.4% from the November 28th total of 34,363,765 shares. Currently, 23.8% of the company’s stock are short sold. Based on an average trading volume of 5,315,617 shares, the short-interest ratio is presently 6.9 days.

Hercules Offshore (NASDAQ:HERO) last announced its earnings results on Thursday, October 23rd. The company reported ($0.07) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.05) by $0.02. The company had revenue of $221.90 million for the quarter, compared to the consensus estimate of $217.89 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. On average, analysts predict that Hercules Offshore will post $-0.11 earnings per share for the current fiscal year.

In other Hercules Offshore news, Director Steven A. Webster bought 250,000 shares of the company’s stock on the open market in a transaction dated Tuesday, December 16th. The shares were purchased at an average cost of $1.11 per share, for a total transaction of $277,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Hercules Offshore, Inc (NASDAQ:HERO) provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally.

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One Response

  1. James Ryan says:

    I have just read the latest edition of the Offshore Report and they covered Hercules pretty in-depth but their rating was that there was some significant risk involved. It was somewhere on http://taxrecommendation.org

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