Helmerich & Payne upgraded at J.P. Morgan amid 'too much pessimism' [Seeking Alpha]
Helmerich & Payne, Inc. (HP)
Last helmerich & payne, inc. earnings: 4/30 04:43 pm
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Helmerich & Payne upgraded at J.P. Morgan amid 'too much pessimism'Helmerich & Payne (HP+0.6%) is slightly higher after J.P. Morganupgrades shares to Overweight from Neutral with a $63 price target, trimmed from $66, saying the stock can be a relative outperformer during H1 despite industry headwinds.While HP is not immune from lower exploration and production spending, JPM's Sean Meakim thinks there is too much pessimism over the company's ability to sustain EBITDA in such an environment.Meakim thinks the U.S. onshore services industry is bracing for reduced 2019 E&P budgets, probably resulting in lower earnings estimates, but that 2019 "is analogous to 2011-12 when a modest decline in overall rig activity of ~10%... led to fairly nominal dayrate declines."Click to subscribe to real-time analytics on HPNow read:Dividend Champion Spotlight: Helmerich & Payne »Subscribefor full text news in your inbox
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HP
News
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- Helmerich & Payne, Inc. Announces Fiscal Second Quarter ResultsBusiness Wire
- Here's Why We Think Helmerich & Payne (NYSE:HP) Might Deserve Your Attention Today [Yahoo! Finance]Yahoo! Finance
HP
Earnings
- 4/24/24 - Miss
HP
Sec Filings
- 4/24/24 - Form 10-Q
- 4/24/24 - Form 8-K
- 3/4/24 - Form 4
- HP's page on the SEC website