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Helmerich & Payne upgraded at Morgan Stanley as "easy" land drilling play

Sep. 06, 2016 10:47 AM ETHelmerich & Payne, Inc. (HP) StockHPBy: Carl Surran, SA News Editor
  • Helmerich & Payne (HP +2.6%) is upgraded to Equal Weight from Underweight with an $80 price target, raised from $70, at Morgan Stanley, which says the stock offers a defensive play within the U.S. land drilling sector without taking meaningful balance sheet risk.
  • "Data points from our conference suggest relative tightness in pockets of the high-spec rig market - notably Texas and Oklahoma - where HP has outsized share," Stanley analyst Ole Slorer writes, with "no reason to believe that HP will not share in these respective gains given its premium reputation and current ~25% share of working rigs in these regions."
  • The firm believes HP's activity data and earnings momentum are "meaningfully better" than the sector at large and sees near-term outperformance in the shares.

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