Fly News Breaks for June 18, 2019
Jun 18, 2019 | 09:31 EDT
RBC Capital analyst Kurt Hallead lowered his price target on Helmerich & Payne to $75, also lowering his FY19 and FY20 EPS outlook by 9c and 71c to $1.65 and $2.04 respectively. The analyst notes that his new model assumes U.S. land drilling rig counts of 963 in 2019 and 1,013 in 2020, down from 995 and 1,142 prior estimates on E&P capital discipline. Hallead maintains his Outperform rating on Helmerich & Payne longer term, saying the stock remains a "core holding" given the company's "best assets, incomparable capital structure, 5% dividend yield, and a 47 year history of dividend growth."
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