RBC Capital analyst Kurt Hallead maintained a Buy rating on Helmerich & Payne (HP) yesterday and set a price target of $24.00. The company’s shares closed last Thursday at $18.15, close to its 52-week low of $12.40.
According to TipRanks.com, Hallead ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -16.0% and a 27.1% success rate. Hallead covers the Services sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.
Currently, the analyst consensus on Helmerich & Payne is a Moderate Buy with an average price target of $21.73, implying a 19.7% upside from current levels. In a report released today, Susquehanna also maintained a Buy rating on the stock with a $22.00 price target.
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Based on Helmerich & Payne’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $634 million and GAAP net loss of $421 million. In comparison, last year the company earned revenue of $721 million and had a net profit of $60.89 million.
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Helmerich & Payne, Inc. engages in contract drilling of oil and gas well. It operates through the following segments: U.S. Land, Offshore, International Land and Helmerich and Payne Technologies. The U.S. Land segment operates its drilling business primarily in Oklahoma, California, Texas, Wyoming, Colorado, Louisiana, Mississippi, Pennsylvania, Ohio, Utah, New Mexico, Montana, North Dakota, West Virginia and Nevada. The Offshore segment conducts its business in the Gulf of Mexico and Equatorial Guinea. The International Land segment operates in six international locations including Ecuador, Colombia, Argentina, Bahrain, United Arab Emirates, and Mozambique. The Helmerich and Payne Technologies segment focuses on developing, promoting and commercializing technologies designed to improve the efficiency and accuracy of drilling operations, as well as wellbore quality and placement. The company was founded by Walter Helmerich Hugo II and William Payne in 1920 and is headquartered in Tulsa, OK.
