Bank of America Initiates Coverage on Helmerich & Payne to Buy

Bank of America Initiates Coverage on Helmerich & Payne(NYSE:HP). The shares have been rated Buy. The rating by Bank of America was issued on Jun 13, 2016.

In a different note, On Jun 1, 2016, Credit Suisse said it Downgrades its rating on Helmerich & Payne. In the research note, the firm Raises the price-target to $46.00 per share. The shares have been rated ‘Underperform’ by the firm. On May 12, 2016, Citigroup said it Maintains its rating on Helmerich & Payne. In the research note, the firm Lowers the price-target to $62.00 per share. The shares have been rated ‘Neutral’ by the firm. On May 3, 2016, Scotiabank said it Downgrades its rating on Helmerich & Payne. The shares have been rated ‘Sector Perform’ by the firm. On May 3, 2016, Nomura said it Maintains its rating on Helmerich & Payne. In the research note, the firm Raises the price-target to $63.00 per share. The shares have been rated ‘Buy’ by the firm. On Apr 29, 2016, FBR Capital said it Downgrades its rating on Helmerich & Payne. The shares have been rated ‘Market Perform’ by the firm. Nomura said it Initiates Coverage on Helmerich & Payne, according to a research note issued on Apr 7, 2016. The shares have been rated ‘Buy’ by the firm.

Helmerich & Payne (HP) made into the market gainers list on Fridays trading session with the shares advancing 2.60% or 1.68 points. Due to strong positive momentum, the stock ended at $66.22, which is also near the day’s high of $66.5. The stock began the session at $65.1 and the volume stood at 21,36,750 shares. The 52-week high of the shares is $75.06 and the 52 week low is $40.02. The company has a current market capitalization of $7,154 M and it has 10,80,39,174 shares in outstanding.

Helmerich & Payne(HP) last announced its earnings results on May 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $438.19M. Analysts had an estimated revenue of $399.72M. Earnings per share were $-0.28. Analysts had estimated an EPS of $-0.18.

Several Insider Transactions has been reported to the SEC. On Jun 10, 2016, John W Lindsay (President & CEO) sold 19,000 shares at $67.37 per share price.Also, On Mar 30, 2016, Juan Pablo Tardio (VP & CFO) sold 12,497 shares at $58.28 per share price.On Mar 22, 2016, Hans Helmerich (director) sold 40,000 shares at $60.88 per share price, according to the Form-4 filing with the securities and exchange commission.

Helmerich & Payne Inc. is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three business segments: U.S. Land Offshore and International Land. Its U.S. Land segment operates drilling operations in Oklahoma California Texas Wyoming Colorado Louisiana Mississippi Pennsylvania Ohio Utah New Mexico Montana North Dakota West Virginia and Nevada. Its offshore operations are conducted in the Gulf of Mexico and Equatorial Guinea. Its International Land segment operates in seven international locations including Ecuador Colombia Argentina Tunisia Bahrain the United Arab Emirates and Mozambique. The Company is also engaged in the ownership development and operation of commercial real estate and the research and development of rotary steerable technology.

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