Helmerich Payne (HP) Posts Q2 Profit as Revenue Fall 51%

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UBS Remains Bullish on Helmerich Payne (HP); Expects US Land Drilling to Remain Weak

May 3, 2016 9:05 AM EDT

UBS reiterated a Buy rating on Helmerich & Payne (NYSE: HP), and raised the price target to $72.00 (from $63.00), following the company's 2Q. UBS expects that US land drilling conditions will remain weak for 2016, as long as oil stays below $50/bbl. However, if prices raise, rigs could slowly return to work by late-2016.

Analyst Angie Sedita... More