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Helmerich & Payne Inc. (HP) Upgraded To Outperform
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Posted on 01/29/10 at 2:53pm by Ed Liston
Analysts at CLSA Asia-Pacific Markets have upgraded Helmerich & Payne Inc. (NYSE: HP) from Underperform to Outperform. The company has been upgraded on the back of better earnings in the first quarter and an improving outlook for 2010. The company reported EPS of $0.59 which was ahead of analysts’ estimate of $0.51 and consensus of $0.50.
The upside in earnings was due to higher than expected activity driven mainly by the US land segment. Analysts believe the company is well positioned as the demand for its FlexRigs is expected to remain strong. Analysts at CLSA have raised the EPS estimate for the company from $2.20 to $2.40 in 2010 and from $2.65 to $2.75 in 2011. The price target for Helmerich & Payne Inc. has been raised from $42 to $50 due to the revision in 2011 EPS estimate.
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