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...
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Why Helix Energy Solutions Stock Jumped 16% at the Open Today