Seaport Research analyst Tom Curran downgraded Helmerich & Payne to Neutral from Buy without a price target. The analyst sates land driller and pressure pumper stocks are likely to remain range bound until at least mid-Q3. The stocks will constrained by a rebound in new well construction that was already expected to be fairly lackluster and has now had its potential upside cut off by two oil supply trends: U.S. shale’s stunning productivity/efficiency gains and OPEC’s rebuilding spare capacity cushion, the analyst tells investors in a research note.
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