TDW - Hornbeck Offshore: Discussion Of Q3 Results
When back in August I wrote that Hornbeck Offshore (HOS) shares will settle in the $2.70-4.00 range, I could not have envisioned how these levels will be achieved: a rally to $6.00 and then a rapid downside all the way to $3.00, all without any material news from the company. It looks like speculators have found the stock and grasped the basics of the story behind it.
In essence, the situation is simple. The offshore support vessel industry remains in deep distress. Hornbeck's U.S. listed peers like Tidewater (TDW) and GulfMark