Goldman Sachs Starts Helmerich & Payne (HP) at Conviction Buy

Goldman Sachs initiates coverage on Helmerich & Payne (NYSE: HP) with a Conviction Buy list rating and $80 price target.

The firm said the market is pricing land drilling contractors as if the US land rig count is about to be cut. They don't expect this to happen, and instead forecast a 9% pick up in drilling in Q412.

"While HP is well positioned to benefit from this growth, it is also better positioned than almost any company in the services space to withstand a downturn in rig activity, the firm notes.

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 $59.59 yesterday.

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