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HP

Helmerich & Payne

$38.39

-0.45 (-1.16%)

19:36
11/19/19
11/19
19:36
11/19/19
19:36

Helmerich & Payne initiated with a Sell at Deutsche Bank

Deutsche Bank analyst Chris Snyder initiated coverage of Helmerich & Payne with a Sell rating and $34 price target. The analyst says that the company is a "pure play" land driller as the largest land rig contractor in the U.S. with a 21% market share, but sees the U.S. land drilling market as "structurally impaired". Snyder notes that with improvements in drilling and enhanced completion designs, U.S. producers have been able to drill a "higher cadence of more productive wells" with fewer rigs, which is "undermining the earnings power of the industry." The analyst adds that although pricing has held firm, he expects some pressure to materialize in 2020.

HP Helmerich & Payne
$38.39

-0.45 (-1.16%)

11/19/19
ARGS
11/19/19
DOWNGRADE
ARGS
Hold
Helmerich & Payne downgraded to Hold from Buy at Argus
Argus downgraded Helmerich & Payne to Hold from Buy.
11/19/19
ARGS
11/19/19
DOWNGRADE
ARGS
Hold
Helmerich & Payne downgraded to Hold from Buy at Argus
Argus analyst Bill Selesky downgraded Helmerich & Payne to Hold from Buy, also cutting his FY20 EPS view to 75c from $2.04. The analyst notes that the stock has been hurt by the persistent oil price volatility and reduced capital spending among its E&P customers, which has also lowered demand for its oil rigs and led to declines in utilization rates and declining margins. Selesky believes that the weak industry conditions will persist for "at least the next several quarters".
11/19/19
11/19/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AT&T (T) downgraded to Sell from Neutral at MoffettNathanson with analyst Craig Moffett saying he finds it hard to imagine the company's recently issued three-year guidance can be achieved. 2. Helmerich & Payne (HP) downgraded to Hold from Buy at Argus with analyst Bill Selesky saying the stock has been hurt by the persistent oil price volatility and reduced capital spending among its E&P customers, which has also lowered demand for its oil rigs and led to declines in utilization rates and declining margins. 3. Public Storage (PSA) downgraded to Neutral from Buy at BofA/Merrill with analyst Jeffrey Spector citing the company's low earnings visibility along with its marketing pressures and "elevated" industry supply. 4. Leggett & Platt (LEG) downgraded to Hold from Buy at Stifel with analyst John Baugh saying after attending the company's investor conference, the he sees less upside to shares, which he notes have now risen nearly 50% year-to-date. 5. Itau Unibanco (ITUB) downgraded to Neutral from Overweight at JPMorgan with analyst Domingos Falavina saying the company's provisions may surprise to the upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/19/19
DBAB
11/19/19
INITIATION
Target $34
DBAB
Sell
Helmerich & Payne initiated with a Sell at Deutsche Bank
Deutsche Bank initiated coverage of Helmerich & Payne with a Sell rating and $34 price target.

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