TD Cowen analyst Marc Bianchi maintained a Hold rating on Helmerich & Payne today and set a price target of $33.00.
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Marc Bianchi has given his Hold rating due to a combination of factors surrounding Helmerich & Payne’s recent performance and future outlook. The company’s recent earnings report showed a smaller than expected margin beat, with segment results aligning closely with expectations. Although there was a modest upside in NAS margins, it was not as significant as in previous quarters.
Additionally, while the guidance for the first quarter of 2026 is slightly better than consensus, it includes approximately $12 million in startup costs for Saudi reactivations, which tempers the overall positive outlook. The company’s guidance assumes a flat rig count and a decrease in margin per day, reflecting a conservative approach to performance contract execution. Furthermore, the international margin was at the high end of guidance, and while there are improvements in profitability expected from Saudi operations, the overall outlook remains cautious. These mixed signals contribute to the Hold rating, indicating a balanced view of potential risks and rewards.
In another report released yesterday, Citi also maintained a Hold rating on the stock with a $29.00 price target.