Barclays analyst Eddie Kim upgraded Helmerich & Payne to Overweight from Equal Weight with a price target of $25, up from $17. The stock is down 36% year-to-date due to a 15% decline in the lower 48 oil rig count and 75% of KCA Deutag’s Saudi rigs being suspended after the deal close in January, the analyst tells investors in a research note. However, Barclays believes the “worst is past” for Helmerich on both fronts. As such, it finds the stock undervalued at current levels.
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