Helix shares fall as analyst downgrades stock

Shares of Helix Energy Solutions Group Inc. fell on Monday as an analyst lowered his rating on the oil services provider's stock, citing significant share price appreciation and a lack of near-term growth drivers.

Helix shares fell 48 cents, or 3.1 percent, to $14.95 in morning trading. Shares are still well above their 2009 low of $2.70 per share in February.

The stock has had a great run, said Raymond James analyst J. Marshall Adkins, who said that was why he downgraded his rating to "Outperform" from "Strong Buy."

Helix recently sold its remaining stake in Cal Dive International Inc., a contractor for services to offshore energy companies, in three separate transactions, raising over $500 million of cash, a move Adkins believes is its last significant near-term balance sheet-related catalyst.

"Although we expect that its production facilities and exploration and production assets will eventually be monetized as well, this is not a seller's market and Helix is no longer under any pressure to have to sell immediately," Adkins said.

Looking ahead, Adkins sees long term value in the company's assets. He believes the company could one day be worth as much as $25 to $30 per share. Adkins raised his 12-month target price to $17.50 from $15.50.