Citi analyst Scott Gruber lowered the firm’s price target on Helmerich & Payne to $17 from $19 and keeps a Neutral rating on the shares after meeting with management. Earlier this month the company announced contract suspensions on nine additional rigs in Saudi Arabia, bringing the total suspension count to 26 in country, the analyst tells investors in a research note. The firm dropped profit estimates but says profitability improvement on Helmerich’s legacy rigs should mitigate the Q4 decline.
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