Barclays downgraded Helmerich & Payne to Equal Weight from Overweight with a price target of $40, down from $44. The sentiment towards North America onshore energy services has quickly turned bearish over the past few weeks, primarily driven by a combination of increasing production efficiencies and the natural gas story being pushed to 2025, creating an uninspiring commodity price backdrop, the analyst tells investors in a research note. As a result, the group lacks catalysts and uncertainty around activity mounts, says Barclays.
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