The example I am thinking of is Helix Energy Solutions (HLX). Thanks.

How about talking to a Financial Advisor. Only a fool would ask advice what stock to buy from someone they don't know... and has no legal fiduciary obligation to them.

There are a lot of nuances as well as market trends to consider. Not just Price to earnings ratio. And an ear to the market to anticipare what might be coming. It's a full time job doing that... otherwise its like throwing craps in Vegas.

P/E ratio is not the only criteria in deciding future stock market (http://www.takemyview.co.in) price target for specific share. As lot of things are playing in for current prices of low P/E shares. If I have to list few then say conversion of debentures partly into equity shares is due in some time, some sectors are not enjoying higher P/E as tough competition is there with in the sector and there are many more.