Evercore ISI Upgrades Helmerich & Payne (HP) to Outperform
Evercore ISI analyst Stephen Richardson upgraded Helmerich & Payne (NYSE: HP) from In Line to Outperform with a price target of $43.00 (from $37.00).
The analyst comments "Upgrading HAL & HP to Outperform. These names are uniquely levered to US onshore activity. We have a modest 35 rigs returning to work in 2026 and our estimates for both are above consensus for 2027. At HAL we suspect the first indications of increased activity could come in 2Q with some private activity adds in reaction to commodity price. While industry data suggests completion equipment availability is ample we believe dual fuel fleets with simulfrac capability to be uniquely positioned for a cycle driven by large independents and majors. At HP we understand some of the near-term concerns over the Saudi rig adds and if there are delays, we think US rig reactivations can more than offset any delay and the market will see sustainable growth for the first time in 3 years. For both the implication is more stable and insulated order books and a more stable outlook for activity adds."
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Shares of Helmerich & Payne closed at $35.95 yesterday.