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In a report issued on October 16, Kurt Hallead from RBC Capital maintained a Buy rating on Helmerich & Payne (HP), with a price target of $20.00. The company’s shares closed last Friday at $14.35, close to its 52-week low of $12.40.
According to TipRanks.com, Hallead is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -18.6% and a 24.9% success rate. Hallead covers the Industrial Goods sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.
The word on The Street in general, suggests a Hold analyst consensus rating for Helmerich & Payne with a $17.92 average price target.
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Based on Helmerich & Payne’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $317 million and GAAP net loss of $45.6 million. In comparison, last year the company earned revenue of $688 million and had a GAAP net loss of $155 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.
