UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Helmerich & Payne

In a report published Monday, Jefferies & Company reiterated its Buy rating on Helmerich & Payne

, and raised its price target from $55.00 to $59.00. Jefferies noted, “HP delivered a solid 4QFY12 beat on U.S. onshore cost control and sequential dayrate improvement as older Flex 3 contracts roll to higher rates. Cost control success suggests there is conservatism in our new higher FY2013 EPS of $5.30 (from $4.60). Given confidence on gaining market share and cost management, we look for multiple expansion in this stock, even in a continued soft U.S. onshore market. Reiterate Buy.” Helmerich & Payne closed on Friday at $49.92.