Cowen Cuts Price Target on Helmerich Payne (HP) to $67 Following 3Q

Cowen maintained a Market Perform rating on Helmerich & Payne (NYSE: HP), and cut the price target to $67.00 (from $70.00), following 3Q earnings results. HP reported adjusted EPS of 27c compared to consensus of 12c. HP expects their U.S. Land segment to see 3-4% decline in operating days during F4Q.

Analyst Marc Bianchi commented, "HP continues to be the leader in high-spec land rigs. With the largest share of idle AC rigs, we view HP well positioned to take share in an upturn, but believe this is largely reflected is shares at the current price. Reiterate Market Perform."

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 $57.74 yesterday.

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