NEW YORK (TheStreet) -- Shares of Hornbeck Offshore Services (HOS) - Get Report were gaining 14.6% to $23.39 on heavy trading volume Thursday after the offshore drilling company beat analysts' estimates for earnings in the first quarter.

Hornbeck Offshore reported earnings of 42 cents a share for the first quarter, beating analysts' estimates of 28 cents a share. Revenue fell 1.4% from the year-ago quarter to $134.6 million, below analysts' estimates of $136.66 million for the quarter.

The company said operating expenses fell 10.5% year over year to $61.4 million for the first quarter, down from $68.6 million. Hornbeck Offshore expects to have operating expenses in the range of $60 million to $65 million in the second quarter.

About 3.6 million shares of Hornbeck Offshore were traded by 1:21 p.m. Thursday, above the company's average trading volume of about 1.1 million shares a day.

TheStreet Ratings team rates HORNBECK OFFSHORE SVCS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate HORNBECK OFFSHORE SVCS INC (HOS) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share."

You can view the full analysis from the report here: HOS Ratings Report

HOS data by YCharts

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