Hornbeck Offshore Services (NYSE: HOS) provides technologically advanced offshore supply vessels, primarily in the U.S. Gulf of Mexico and select international markets. It is also a leading transporter of petroleum products, through a fleet of ocean-going tugs and tank barges in the northeastern U.S., the U.S. Gulf of Mexico and Puerto Rico. The company's fleet of over eighty vessels primarily serves the energy industry. Clients include Anadarko Petroleum (NYSE: APC), Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP).
Hornbeck pleased investors earlier in the month, when it reported Q3 EPS of $1.09 and revenues of $94.7 million. Analysts
had been expecting 83 cents and $88.9 million. Management also guided FY07 EPS to $3.28-$3.52, versus consensus of $3.17. HOS shares popped on the news and then moved into a bullish "flag" consolidation pattern Prices frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.
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