This was a clash of second against third coming into the game, but Ruaidhri Higgins’ men brought the Premier League new boys back down to earth with a bump.
Hoban’s hat-trick came with a quick-fire attack either side of half-time.
He has now scored six goals in his first five games for the club.
The result wasn’t enough to put the Candystripes top as early pacesetters Shelbourne won 2-0 against Bohemians at Dalymount Park.
On a blustery night in the north-west, the conditions played havoc with passes early in the game, which made continuity difficult to find.
The hosts were playing with the wind on their backs in the first half as it blew up and down the length of the pitch.
Michael Duffy had a half-chance after just five minutes but his shot was blocked, while, at the other end, Connor Parsons was denied by a good reaction save by Brian Maher after a goalmouth scramble.
That was as good as it got for Waterford in the first half as Derry started to click with Duffy linking up well with Paul McMullan and Daniel Kelly, who were causing the Blues’ defence trouble.
The latter of that trio wasted a golden opportunity to open the scoring on the half hour mark after beating the offside trap, but he placed his effort wide when one-on-one with Sam Sargeant.
Hoban has got off to a hot start with his new employers and, just as it looked like the game would be goalless at the break, he struck with a quick-fire double.
First, on 41 minutes, the visiting defence didn’t react to a quick free-kick taken by McMullan and Hoban put the finishing touches on Duffy’s cut-back.
Then, in the dying embers of first half stoppage time, Waterford failed to deal with the bouncing ball in the box and the Derry striker finished spectacularly with an overhead kick from 12 yards.
Hoban came into this game with three goals from his first four games this season and he was given an opportunity to double that tally on 52 minutes, which he duly accepted.
Darragh Leahy clumsily brought down McMullan as he was baring down on goal and was shown a red card for his troubles by referee Paul Norton.
Hoban dispatched the spot kick for his first Candystripes hat-trick which effectively ended the game as a contest.
The only blot in the copybook on an otherwise perfect night for Ruaidhri Higgins was yet more injury woes as Duffy, Mark Connolly and Adam O’Reilly all departed in the second half.
All three left the field under their own strength so the hope is that their exits were merely precautionary.
Waterford captain Barry Baggley whistled a shot wide on 70 minutes but the Northern Ireland Under-21 international’s effort was as close as the visitors got to a goal back as Derry saw out the victory for a fifth game unbeaten to begin the season.
They will travel to Phibsborough on Friday 15 March to take on struggling Bohemians.
Derry City: Brian Maher, Ronan Boyce, Mark Connolly (Shane McEleney 59), Cameron McJannet, Ben Doherty; Adam O’Reilly (Sam Todd 69), Jordan McEneff, Paul McMullan; Daniel Kelly, Pat Hoban, Michael Duffy (Daniel Mullen 54).
Waterford: Sam Sargeant, Darragh Power (Joseph Forde 28), Ryan Burke, Grant Horton, Barry Baggley, Padraig Amond, Connor Parsons (Ben McCormack 82), Maleace Asamoah (Rowan McDonald 57), Darragh Leahy, Kacper Radkowski (Robbie McCourt 57), Harvey Macadam (Romeo Akachukwu 82).
Referee: Paul Norton (Dublin).
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