Helmerich & Payne downgraded to Sector Perform from Outperform at ATB Capital

ATB Capital downgraded Helmerich & Payne (HP) to Sector Perform from Outperform with a price target of $47, down from $53. Patterson-UTI (PTEN) has underperformed Helmerich & Payne by nearly 12% during the past three months, but with its post-merger outlook now de-risked, and very strong free cash flow generation expected in 2024 and 2024, Patterson-UTI is the more attractive investment in the near term, the analyst tells investors in a research note.