Argus Downgrades Helmerich & Payne (HP) to Hold
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Argus downgraded Helmerich & Payne (NYSE: HP) from Buy to Hold.
The downgrade reflects the firm's expectations for lower rig utilization over the remainder of 2016, as well as the company's increasing reliance on lower-priced spot contracts rather than higher-priced term contracts.
The firm believes that the dividend remains secure and would consider an upgrade on signs of increased spending by the company's E&P customers and a sustainable upturn in drilling activity.
Shares of Helmerich & Payne closed at $57.28 yesterday.
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