Helix Energy (HLX) Stock Soars on In-Line Q2 Loss

Helix Energy (HLX) stock is jumping on Wednesday afternoon after the company reported a loss that matched analysts’ expectations for the 2016 second quarter.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of Helix Energy Solutions (HLX) - Get Report are spiking 12.94% to $7.94 on heavy trading volume Wednesday afternoon after the company posted a loss that matched analysts' estimates for the 2016 second quarter.

After yesterday's closing bell, the Houston-based offshore energy services company reported a net loss of 10 cents per share, in line with Wall Street's expectations.

But revenue for the quarter was $107.3 million, missing analysts' forecasts of $130 million.

"The market remains very weak, but in the second quarter we started to benefit from the commencement of the Q5000 contract in the Gulf of Mexico and the seasonal pickup in the North Sea," CEO Owen Kratz said in a statement.

"We expect to see improvement in our financial performance for the second half of 2016...driven by the seasonal increase in North Sea activity during the summer and the commencement of the first Petrobras (PBR) contract in late 2016," he added.

About 2.7 million of the company's shares were traded so far today compared to its average volume of 1.79 million shares per day.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HLX

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