Helmerich & Payne upgraded at Global Hunter, shares still lower

Helmerich & Payne (HP -0.5%) is upgraded to Accumulate from Neutral with a $115 price target at Global Hunter, which believes HP is poised to deliver stronger earnings growth than consensus expects through FY 2015.

Global likes HP's backlog of 38 rigs on order with term contracts attached and expectations of continuing to build rigs on order.

However, the firm has become more conservative on its valuation criteria for the group and in that vein have reduced the calendar-year 2015 EV/EBITDA multiple used to derive its price target.

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