Offshore Driller Earnings a Strike

I spent most of the weekend perusing most of the earnings reports from last week, hoping to find sectors that are delivering better results than analysts were expecting. Offshore drilling/services companies seem to be having a good quarter.

Almost all the firms in the industry are beating on the top and on the bottom lines. Hornbeck Offshore Services (HOS) was a particular star last week with earnings that beat on the bottom line by 28 cents a share above estimates. Revenues also came in about 7% above consensus. The stock rocketed more than 10% the day after earnings based on the results. Oil States International (OIS) is up more than 20% over last few weeks on the back of a solid quarter and the disclosure of a 9% stake by activist Jana Partners. I profiled the appeal of these undervalued shares late in 2012 when they were trading 30% lower. Higher day rates and strong demand seem to be buoying prospects for the sector overall....280 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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