Helmerich & Payne upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Helmerich & Payne (HP) to Outperform from In Line with a price target of $43, up from $37. The oil market’s “previous focus on efficiency is giving way to resilience,” argues the analyst, who sees U.S. land services entering a new cycle with increased focus on supply chain resilience amid geopolitical shifts. Halliburton (HAL) and H&P are well-positioned for modest growth in U.S. onshore activity and the anticipated rise in rig count and capex “signals a positive turn for these services,” the analyst added.