Goldman Sachs Boosts Price Target on Hercules Offshore (HERO)

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March 29, 2012 10:52 AM EDT
Get Alerts HERO Hot Sheet
Price: $24.55 +2.68%

Rating Summary:
    3 Buy, 8 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 23 | New: 95
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Goldman Sachs raised its 6-month price target on Hercules Offshore (NASDAQ: HERO) from $5.50 to $6.00 but is keeping its Neutral rating.

The firm said the acquisition of the Ocean Columbia, a 20mn share equity offering, and a $300mn and $200mn debt offering are all positive for the company.

"We expect HERO to be cash flow positive in the future and believe the company could use excess capital to improve its earnings power by increasing its stake in Discovery Offshore," the analyst said.

Goldman raised 2013/2014 EPS estimates to $0.03/$0.08 from $(0.07)/ $(0.08).

For an analyst ratings summary and ratings history on Hercules Offshore click here. For more ratings news on Hercules Offshore click here.

Shares of Hercules Offshore closed at $4.61 yesterday.

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