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Helix Energy (HLX) Surges 7.9%: Is This an Indication of Further Gains?

Helix Energy (HLX) shares ended the last trading session 7.9% higher at $5.34. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 27.6% gain over the past four weeks.

The recent surge in oil prices on account of geopolitical tensions primarily drove the stock. The price of oil is trading at more than $115-PER barrel mark, reflecting a significant improvement in the past year. This is beneficial for Helix Energy since the company is a leading international offshore energy services player.

This offshore oil and gas services contractor is expected to post quarterly loss of $0.25 per share in its upcoming report, which represents a year-over-year change of -1150%. Revenues are expected to be $130.74 million, down 20% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Helix Energy, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HLX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Helix Energy belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Ranger Energy (RNGR), closed the last trading session 2.4% lower at $10.50. Over the past month, RNGR has returned 6.8%.

For Ranger Energy, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.07. This represents a change of +83.7% from what the company reported a year ago. Ranger Energy currently has a Zacks Rank of #3 (Hold).

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