Shares of Helix Energy Solutions Group (NYSE: HLX) had surged nearly 15% by 12:30 p.m. ET on Tuesday. Fueling the oil stock today was its fourth-quarter results and the authorization of a share repurchase program. 

Helix Energy reported $287.8 million in revenue in the fourth quarter. That was up more than 70% from last year, beating the analysts' consensus estimate by nearly $34 million. The company also recorded $2.7 million, or $0.02 per share, of net income. That was $0.01 per share ahead of analysts' expectations. 

CEO Owen Kratz commented on what drove the company's results in the earnings press release: "Our fourth quarter 2022 results maintained strong performance sequentially in what is normally a seasonally slower period for Helix. Our fourth quarter results were aided by a healthy oil and gas market, seasonally adjusted but strong Robotics operations, and ongoing contribution from our Alliance acquisition."

Continue reading

Source Fool.com