UBS Raises Numbers on Helmerich & Payne (HP); Better Positioned Than Peers
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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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UBS maintains a 'Neutral' on Helmerich & Payne (NYSE: HP) price target of $50.00 (from $43.00).
Analyst, Angie Sedita, said, "We view H&P to be better positioned than many of their peers given high term contract coverage (65% of fleet) and high-specification FlexRigs. However, we expect rig margins to decline as contracts are reset to lower rates, particularly for new rigs and rig operating costs rise. We also continue to see near-term risk to the rig count for the company in 2H-12. Over the near-term we believe H&P’s newbuilds will displace its older rigs and the net rig count to also be at risk. However, we expect the rig count to begin to stabilize entering into 2013."
FY12 EPS estimate raised from $4.75 to $5.07, but FY13 lowered from $5.08 to $5.04.
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 $48.59 yesterday.
Analyst, Angie Sedita, said, "We view H&P to be better positioned than many of their peers given high term contract coverage (65% of fleet) and high-specification FlexRigs. However, we expect rig margins to decline as contracts are reset to lower rates, particularly for new rigs and rig operating costs rise. We also continue to see near-term risk to the rig count for the company in 2H-12. Over the near-term we believe H&P’s newbuilds will displace its older rigs and the net rig count to also be at risk. However, we expect the rig count to begin to stabilize entering into 2013."
FY12 EPS estimate raised from $4.75 to $5.07, but FY13 lowered from $5.08 to $5.04.
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 $48.59 yesterday.
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