Duncan-Williams Upgrades Helmerich & Payne to Buy, PT Set to $72 (HP)

Duncan-Williams upgraded Helmerich & Payne (NYSE: HP) from Reduce to Buy. The new price target was set to $72. In a research report published today, Duncan-Williams argued that the recent fall of 15% in value of HP's shares was unmerited, thus making its shares a worthy investment.

In the report, Duncan-Williams states, "Since hitting a 52 week high of $70.47 per share on April 8th, 2011, the stock haspulled back over 15 percent from its recent high... We recommend investors utilize this current pullback to add HP to their energy portfolios. Our new BUY rating has a twelve month target of $72 per share, based on 16 times our 2012 earnings estimate of $4.50 per share."

In today's trading, HP added 2.71% to its value and is currently trading at $59.23.