Citi: Helmerich & Payne is 'Undervalued' (HP)

Citigroup Global Markets reiterated its Buy rating on shares of Helmerich & Payne (NYSE: HP) this morning. Citi maintains a $63 Price Target on the stock.

Citi "Note[s] that H&P, despite having stronger earnings through the recent industry downturn and a higher rate of projected earnings growth going forward, trades below its peer group average."

Analysts at Citi "believe, supported by recent trends in the U.S. land rig market, that H&P's earnings power is underestimated and that the stock is undervalued."

Helmerich & Payne, Inc. is engaged in contract drilling of oil and gas wells for others. Shares are up 1.9% this morning, to $37.22.