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Downgrade Alert for Helmerich & Payne (HP)

By David Diaz

Helmerich & Payne (NYSE:HP) was downgraded from Neutral to Underperform at Credit Suisse today. The stock closed yesterday at $59.81 on volume of 2.4 million shares, above average daily volume of 2.2 million.

In the past 52 weeks, shares of Helmerich & Payne have traded between a low of $40.02 and a high of $79.90 and closed yesterday at $59.81, which is 49% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 1.25% higher over the past week, respectively.

Helmerich & Payne (NYSE:HP) is currently priced 5.3% above its average consensus analyst price target of $56.65. The stock should find resistance at its 50-day moving average (MA) of $59.98, as well as support at its 200-day MA of $55.06.

Helmerich & Payne, Inc. is primarily a contract drilling company. As of December 31, 2011, the Company's existing fleet included 255 U.S. land rigs, 26 international land rigs and nine offshore platform rigs.

SmarTrend is tracking the current trend status for Helmerich & Payne and will alert subscribers who have HP in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades helmerich & payne

Ticker(s): HP