Helmerich & Payne price target lowered to $33 from $41 at Citi

Citi lowered the firm’s price target on Helmerich & Payne to $33 from $41 and keeps a Neutral rating on the shares as part of a broader research note on U.S. Oil & Gas Equipment and Services. The firm notes that given the pull-back in crude, it is lowering its U.S. land rig count forecast to reflect a flat scenario through the end of 2025. Citi adds that it still expect gas drilling activity to rise by about 25 rigs through 2025-end, but now assumes this to be offset by an oil rig count drop of 25 rigs, reflecting a need to slow U.S. production growth.