It's been one heck of a run for Cal Dive (NASDAQ:CDIS) these past couple of years. From a low below $8 a share in 2003, the stock has risen to recently trade at about $37 a stub. And as you might imagine, given all the damage and destruction from the Gulf hurricanes, there's been quite a bit of demand for the marine contracting services that Cal Dive provides.

But Cal Dive isn't just about subsea construction -- it also has a growing emphasis on energy production. In part to reflect this change in the scope of the business, the company will be changing its name to Helix Energy Solutions Group and its ticker symbol to HELX.

Cal Dive certainly offered up a nice close to this phase of its company's history. Fourth-quarter revenue climbed 62% as reported, operating income nearly doubled, and the company handily beat the analysts' expectations. Performance was especially strong in the marine contracting business, since revenue was up more than 60% organically, gross margins doubled, and utilization rates were high across the board. Performance in oil and gas was a little less robust, though, since production shut-ins related to the hurricane tamped down the benefits of higher realized prices.

The big recent news with this company (aside from the earnings and name change) was the announced acquisition of Remington Oil and Gas (NYSE:REM). Cal Dive is paying $1.4 billion for this company, and while the purchase price looks high based upon proven reserves (about $4.69/Mcfe or so), Remington has some sizable drilling prospects that don't figure into that calculation.

Wall Street often has a tough time dealing with companies that are neither fish nor fowl, and Cal Dive is certainly among those. You can't value it exactly like Oceaneering (NYSE:OII) or Global Industries (NASDAQ:GLBL), nor is it another Apache (NYSE:APA) or Devon (NYSE:DVN). What's more, you're talking about a company that is now operating in two very cyclical businesses (though with cycles that don't match up exactly) and taking on a fair bit of debt.

When I evaluate the company's two businesses separately and then add up the totals, I come away thinking that the stock is undervalued. I also happen to think that subsea construction should be poised for still more growth, and that the E&P side of the business could really take off if Cal Dive can leverage Remington's past history of development success. Still, this isn't a safe stock by any means, so careful due diligence is a definite must.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).