Helmerich & Payne price target lowered to $32 from $33 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on Helmerich & Payne to $32 from $33 and keeps a Buy rating on the shares. The firm thinks the oil and gas equipment and services group is close to a bottom on valuations. Regarding fundamentals, the market appears to be calling for a reduction in marginal drilling activity with increased risk of pricing concessions, the analyst tells investors in a research note. Citi believes valuation support could favor names trading near cycle lows near term, but adds “revision risk could linger for months.”