Goldman Sachs Ups Price Target On Helmerich & Payne (HP)

Goldman Sachs estimates and its raised its price target on Helmerich & Payne (NYSE: HP) from $78 to $80 but kept its Neutral rating.

The firm raised 2011/12/13E EPS by 1%/3%/12% to $3.90/$4.82/$5.94 to reflect additional FlexRig newbuilds.

Goldman's analysts notes, "Helmerich & Payne continues to build upon its strategy of growing its fleet organically via multi-year contract backed newbuilds this quarter with 20 new orders. This appears prudent given robust demand and HP’s bestin- class drilling rigs, however, with HP shares trading at 6.2X 2012 EV-EBITDA, a 21% premium to peers, we see more upside in other stocks such as Nabors (NYSE: NBR)."

For more ratings news on Helmerich & Payne click here and for the rating history of Helmerich & Payne click here.

Shares of Helmerich & Payne closed at $69.05 yesterday.

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