Canaccord Genuity Reiterates a 'Hold' on Helmerich & Payne (HP); Solid Q1, Waiting for Next Catalyst
HP Hot Sheet
Rating Summary:6 Buy, 8 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 82
Canaccord Genuity reiterates a 'Hold' on Helmerich & Payne (NYSE: HP) price target raised from $65 to $70.
Analyst, John Tasdemir, said, "HP posted solid FQ1/12 results driven by higher margins in its US Land and Int'l segments. Even though much of this margin improvement in US Land was driven by temporary reductions in costs, higher utilization and day-rates still took our numbers higher even after adjusting for a more normalized cost run rate. We continue to like HP’s strong position in the market as the company continues to sign new build rig contracts, showing that customer demand for new builds remains strong....we wait for the next catalyst in the story and to get a better sense of costs as the year progresses. We are increasing our F2012E EPS by 35c to $5.10 and our F2013 estimate by 25c to $5.50."
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 $61.71 yesterday, with a 52 week range of $35.58-$73.40.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
Analyst, John Tasdemir, said, "HP posted solid FQ1/12 results driven by higher margins in its US Land and Int'l segments. Even though much of this margin improvement in US Land was driven by temporary reductions in costs, higher utilization and day-rates still took our numbers higher even after adjusting for a more normalized cost run rate. We continue to like HP’s strong position in the market as the company continues to sign new build rig contracts, showing that customer demand for new builds remains strong....we wait for the next catalyst in the story and to get a better sense of costs as the year progresses. We are increasing our F2012E EPS by 35c to $5.10 and our F2013 estimate by 25c to $5.50."
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 $61.71 yesterday, with a 52 week range of $35.58-$73.40.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
You May Also Be Interested In
- Tudor Pickering Upgrades Helmerich & Payne (HP) to Buy
- Brean Murray Carret & Co. Reiterates a 'Sell' on Urban Outfitters (URBN); Still No Reason For Optimism
- Barclays Cuts Estimates on Lowe's (LOW); Gross Margins Under Pressure; Performance Lags HD
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Genuity Capital MarketsSign 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!
