BUZZ-Hercules Offshore Inc: Stock at 3-year low

jueves 18 de septiembre de 2014 11:25 GYT

** Oilfield services company's shares down 10 pct at $2.73, its lowest in almost three years

** Up to Wednesday's close, stock had fallen about 53 pct this year

** Cowen and Co cuts price target to $4 from $6; median price target on stock is $4.50

** "The drop-off in demand has been more pronounced than we anticipated, and activity is set to stay depressed through the end of the hurricane season," analysts said in a note

** Analysts expect company to idle two more rigs in Gulf of Mexico next week, taking number of idled rigs in the region to eight of an existing 26

** They also lower utilization estimates for company's domestic jackup fleet

** More than 5.4 million shares were traded by 11:22 a.m. ET, nearly 2 times their 10-day moving average volume