Helmerich & Payne (HP) Price Target Raised to $35

Helmerich & Payne, Inc. (NYSE:HP) is included among the 10 High Yield Crude Oil Stocks to Buy After Trump’s Blitz in Venezuela.

Helmerich & Payne, Inc. (NYSE:HP), together with its subsidiaries, provides drilling solutions and technologies for oil and gas exploration and production companies.

On January 7, TD Cowen analyst Marc Bianchi raised the firm’s price target from $33 to $35, while maintaining a ‘Hold’ rating on the shares. The revised target, which comes as part of the firm’s Q4 preview, indicates an upside of over 14% from current levels.

The analyst noted that many oilfield stocks posted gains on the news of the US action in Venezuela, which has led to American oil companies potentially gaining access to the largest oil reserves in the world. However, American companies will require significant time and guarantees from the White House before they commit to investing tens of billions to revive Venezuela’s crumbling oil infrastructure. TD Cowen believes that while the market’s excited reaction to the news may be overdone, some oil stocks still remain ‘cheap’.

It needs mentioning that Helmerich & Payne, Inc. (NYSE:HP) is still trying to get paid on $90 million of invoices and recover 11 drilling rigs seized by Venezuela in 2010. So the current US action to oust President Maduro and gain control of the country’s oil reserves may just prove to be of assistance.

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Disclosure: None.