- CEO Todd Hornbeck bought 20,000 shares on 6/14 at $14.40 for $288,000.
- Director Patrica Melcher bought 1,000 shares on 6/14 at $14.57 for $14,570
- Director Larry Hornbeck bought 12,500 shares from 06/14-06/16 at $14.30-$14.41 for about $180,000
The stock of HOS went down last month in the wake of the BP oil spill and lost about 1/3 of its value. If it was valued correctly, it can be considered cheap now. Obviously it is very interesting for insiders. It could be ventured that this means that off shore oil drilling has a future. But it most likely means something else:
In a press release dated June 3, HOS writes:
"Meanwhile, the Company will also proactively seek to mitigate its exposure to the increasing near-term uncertainty in the GoM market conditions by bidding additional vessels into foreign markets and domestic non-oilfield markets. Based on currently available customer opportunities, the Company is reasonably optimistic about its ability to further diversify its revenue base."
"The Company believes that its current working capital, available capacity under its existing revolving credit facility, which is currently undrawn and is expected to remain undrawn, and projected cash flows from operations for the remainder of 2010 will be sufficient to meet its anticipated operating needs, its debt service and the total remaining cash requirements under its capital programs."
"Based on currently available customer opportunities, the Company is reasonably optimistic about its ability to further diversify its revenue base."
Another interesting piece of information: On May 7, 2010 CapitalOne Southcoast gives an upgrade to Neutral with a recommendation to add. You can see this here.
It looks like the reasonably optimistic mind set turned into a certainty in the mean time, at least for the three insiders. The company has enough cash to operate, some good credit lines that are not drawn, good business now and in the near future.
So, if you want to invest some money into oil related stocks, HOS might be more than just another interesting company. Sounds to me like some very promising setup. Don't take my word for it, as I am by no means a financial adviser or analyst or whatever you want to call it.
Hornbeck Offshore Services, Inc., mainly operates directly or indirectly offshore supply vessels, multi-purpose support vessels, and a shore-base to provide logistics support and specialty services to the offshore oil and gas exploration and production industry primarily in the United States and Gulf of Mexico.
You can read more on the Hornbeck Offshore on the HOS website
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