Helmerich & Payne price target lowered to $47 from $51 at Piper Sandler

Piper Sandler analyst Luke Lemoine lowered the firm’s price target on Helmerich & Payne to $47 from $51 and keeps an Overweight rating on the shares. The firm believes Helmerich & Payne has done an “impressive job” of maintaining NA Solutions daily cash margins despite the rig count drop along with higher margin spot rigs being stacked. September exited at 147 rigs, HP expects to exit December at 150-156, and more rigs are expected to be added in early 2024. NA Solutions margins are expected to be flat to up in the December quarter, and with the probable upswing in the U.S. rig count, margins should have slight upward mobility in calendar 2024 from current levels, Piper adds.