Helmerich & Payne price target lowered to $26 from $28 at TD Cowen

TD Cowen lowered the firm’s price target on Helmerich & Payne to $26 from $28 and keeps a Hold rating on the shares. The firm notes the company underperformed the OIH by 650bps after a poor cash flow quarter and downside guidance. The weaker outlook is not a total shock, but the source being International and Offshore down more severely than U.S. likely surprises some. The outlook also reflects U.S. price weakness, which until now has not been a major factor for Helmerich & Payne, TD Cowen adds.