Irvine investment bank C. K. Cooper & Company initiates coverage of Helmerich & Payne, Inc.
C. K. Cooper & Company, an independent, full-service investment bank, headquartered in Irvine, Calif. announced today that it has initiated coverage of Helmerich & Payne, Inc. (NYSE:HP).
“We believe Helmerich & Payne, Inc. is the land drilling industry leader with its FlexRig (R) design,” said Lewis Kreps, Senior Research Analyst with C. K. Cooper & Company. “While the company has the youngest, most efficient drilling fleet in the world and an excellent management team, we expect declining earnings in fiscal 2010 from fiscal 2009 and only a slight improvement in fiscal 2011 over fiscal 2010. Based on current premium valuation to other land drillers at present stock price levels, we believe the stock appears over – valued. H&P is the Premium Land Driller in the group, however we recommend investors look for a lower entry point than current stock price levels and when the land drillers can see some pricing power, which is not present now.”
C. K. Cooper & Company
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