Breaking Finance News

BREAKING- Hercules Offshore Stops Well Leakage – Stock a Buy

In a regulatory filing, Hercules Offshore (NASDAQ: HERO) says the flow from a gas well that blew out earlier in the week has now stopped. In addition, the fire on the rig has now been reduced to a small flame. The hull of the rig remains intact.

The rig, located off the coast of Louisiana, experienced a blowout on Tuesday which sent the stock tumbling 14 percent but has since reclaimed much of it’s loss. MarketWatch, citing a report from Cowen and Company, says that the rig will likely be written off as a total loss which could send the stock as low as $7.60 at which time, the stock is likely, again, be a buy.

Breaking Finance News has covered this story all week. Read the following articles:

Hercules Offshore down 4 Percent on Report of a Well Blowout

Hercules Well Catches Fire after Well Blowout

[stock-tools exchange="NASDAQ" symbol="HERO" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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