Benchmark analyst Kurt Hallead downgraded Helmerich & Payne to Hold from Buy and removed the firm’s previous $50 price target on the shares in conjunction with the firm’s energy services 2024 outlook note. The firm expects global E&P spending to increase by 5%, oil prices to “bounce between $70-$80” per barrel and for oil demand to increase between 1.5mnb/d and 2mnb/d, notes the analyst, who thinks energy service business momentum favors international and offshore entering 2024 as U.S. growth stalls.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on HP:
- Helmerich & Payne downgraded to Equal Weight from Overweight at Barclays
- Helmerich & Payne downgraded to Neutral from Overweight at Piper Sandler
- Helmerich & Payne price target lowered to $36 from $40 at Citi
- Helmerich & Payne downgraded to Neutral from Buy at Seaport Research
- Helmerich & Payne price target lowered to $50 from $53 at Susquehanna