Duncan Williams Downgrades Helmerich & Payne (HP) to Reduce, High Valuation
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Price: $44.20 +2.62%
Rating Summary:
18 Buy, 15 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
18 Buy, 15 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Duncan Williams downgraded shares of Helmerich & Payne (NYSE: HP) to a Reduce rating from its previous rating of Buy as shares passed the firm's price target of $72.00 on July 22.
The company is currently trading at a 15x premium to other land drillers on a P/E basis for 2012 and a 48 percent premium to other drillers on a P/CF basis for 2012.
Duncan Williams is maintaining its 2011 and 2012 EPS estimates of $3.90 and $4.50.
An analyst at Duncan Williams commented, "While HP continues to add rigs to the fleet at the rate of three rigs per month, and continues to operate the most efficient fleet of rigs in the market, we believe investors should take their profits at present levels."
For more ratings news on Helmerich & Payne click here and for the rating history of Helmerich & Payne click here.
Shares of Helmerich & Payne closed at $72.56 yesterday.
The company is currently trading at a 15x premium to other land drillers on a P/E basis for 2012 and a 48 percent premium to other drillers on a P/CF basis for 2012.
Duncan Williams is maintaining its 2011 and 2012 EPS estimates of $3.90 and $4.50.
An analyst at Duncan Williams commented, "While HP continues to add rigs to the fleet at the rate of three rigs per month, and continues to operate the most efficient fleet of rigs in the market, we believe investors should take their profits at present levels."
For more ratings news on Helmerich & Payne click here and for the rating history of Helmerich & Payne click here.
Shares of Helmerich & Payne closed at $72.56 yesterday.
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