Jefferies Lifts PT on Helmerich & Payne (HP) After Investor Meeting

March 4, 2013 10:12 AM EST
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Price: $77.99 +0.35%

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    12 Buy, 19 Hold, 5 Sell

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    Up: 30 | Down: 30 | New: 23
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Jefferies raised its price target on Buy-rated Helmerich & Payne (NYSE: HP) from $72 to $76 following an investor meeting with Chairman and CEO Hans Helmerich.

At the meeting the firm heard support for (1) investors getting more cash back, (2) HP maintaining its recently lowered cost base and (3) HP being positioned to gain more active rig market share.

"A sluggish U.S. rig count and some competitive pricing in AC rigs by peers may weigh on shares, but we Maintain Buy and tweak our PT up to $76 from $72," the analyst said.

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 $66.10 yesterday.

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