Helmerich & Payne initiated with a Hold at Benchmark

Benchmark analyst Kurt Hallead initiated coverage of Helmerich & Payne with a Hold rating and no price target. H&P is in a strong position to benefit from increased land drilling activity, especially in the U.S. and select international markets, Hallead tells investors in a research note. The analyst expects cash margins to increase by $1-2k/day per quarter throughout 2023 as legacy contracts roll to higher leading edge rates.