Helix Energy Solutions' stock plummeted by over 5% on Wednesday despite the company reporting better-than-expected earnings for the third quarter. The offshore energy services provider reported adjusted earnings per share of $0.19, exceeding analysts' consensus estimate of $0.17-$0.18. However, revenue for the quarter came in at $342.42 million, missing expectations of around $362 million and declining 13.5% year-over-year.
The revenue miss appears to have overshadowed the earnings beat, exacerbated by a downgrade from BTIG analyst Gregory Lewis. Lewis cut his rating on Helix Energy to Neutral from Buy, citing broader concerns in the offshore services industry despite the company's decent Q3 results. The analyst removed his price target following the downgrade.
Despite the earnings beat, some analysts remain cautious on Helix Energy due to the challenging environment for offshore drillers. However, the stock still maintains an average Buy rating among analysts polled by Capital IQ, with price targets in the range of $14-$17, representing significant upside from current levels around $9.50.
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