Helix Energy Q2 revenue misses estimates, withdraws annual guidance

• Well intervention utilization - Higher vessel utilization and incremental margins in the North Sea offset reduced output from Q7000, Q4000 and Sea Helix 1, per the company.
• Robotics activity - Increased trenching and ROV operations drove higher Robotics revenue and operating income sequentially, per the company.
• Thunder Hawk field - The Production Facilities segment benefited from recommencement of Thunder Hawk field operations, resulting in higher oil and gas production and prices, per the company.

The current average analyst rating on the shares is "buy", with 4 "strong buy" or "buy" ratings, 1 "hold" rating and no "sell" or "strong sell" ratings.

The average consensus recommendation for the oil-related services and equipment peer group is "buy". Wall Street's median 12-month price target for Helix Energy Solutions Group Inc is $13.50, about 44.8% above its August 5 closing price of $9.32. The stock recently traded at 23 times next-12-month earnings versus a P/E of three months ago.