Why Helix Energy Solutions Stock Jumped 16% at the Open Today
Shares of offshore energy services provider Helix Energy Solutions (NYSE: HLX) rose as much as 16% in the first half hour of trading on Oct. 22. Although the shares quickly cooled down, they were still up around 10% at 10:30 a.m. EDT. The share-price jump was all about earnings.
Helix reported third-quarter revenue of $193.5 million, down from $212.6 million in the same period of 2019. Earnings came in at $0.16 a share, down from $0.21 last year. Those aren't exactly great numbers, but you have to take into account the impact that COVID-19 is having on oil prices and demand in the energy sector. With the industry facing material headwinds, Helix Energy's customers have pulled back on spending. And, despite these facts, investors were still upbeat on the quarterly earnings update...
Image source: Getty Images.
Source Fool.com
