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5.39%XLF 9.68 3.09%
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NEW YORK - Shares of Helix Energy Solutions Group Inc. slid Monday on concern about damage from Hurricane Ike, though analysts have said the rig-based well service company continues to be a good investment.
| HLX | 5.31 |  1.31 |
The stock fell $2.64, or 10 percent, to $23.21 in midday trading after touching a year low of $23.01.
Last week the Houston-based company it expects third-quarter production to be about 5 billion of cubic feet equivalent lower than in the second quarter and withdrew its prior earnings guidance for 2008.
Helix blamed the effects of recent storms--including Ike--on its operations in Louisiana, Texas and Oklahoma for the reduced outlook.
Yet Jefferies & Co. analyst Stephen D. Gengaro said in a recent note there "is solid underlying value in Helix shares," despite the storms' affects and problems with business execution.
Gengaro rates the stock "Buy" with a $43 price target.
Meanwhile, light, sweet crude for November delivery dropped $7.68 to $99.21 per barrel on the New York Mercantile Exchange.
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