Argus Downgrades Helmerich & Payne (HP) to Hold
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Trump, Brexit uncertainty hit stocks and dollar, gold jumps
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- UnitedHealth Group (UNH) Tops Q4 EPS by 4c; Affirms Outlook
- Oil rises on weaker dollar, Saudi commitment to cut output
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Morgan Stanley Downgrades Vitamin Shoppe (VSI) to Underweight
- Morgan Stanley Upgrades Boyd Gaming (BYD) to Overweight
- Morgan Stanley Upgrades The Michaels Companies (MIK) to Overweight Citing Valuation
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!