Argus Downgrades Helmerich & Payne (HP) to Hold

September 15, 2016 7:19 AM EDT
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Price: $66.48 -0.75%

Rating Summary:
    15 Buy, 16 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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.

For an analyst ratings summary and ratings history on Helmerich & Payne click here. For more ratings news on Helmerich & Payne click here.

Shares of Helmerich & Payne closed at $57.28 yesterday.

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