Helmerich & Payne Up 3.6% On Earnings News (HP)

Shares of Helmerich & Payne Inc. HP are currently up 3.6% at $46.97 per share during Thursday afternoon trading. Today's trading range for shares of Helmerich & Payne Inc has been between $45.53 and $46.89 per share. The consensus price target of analysts covering the company's stock is $49.13 per share. Volume of 1.3 million shares is just below the daily average volume of 1.4 million shares. Helmerich & Payne Inc. (HP) released financial results early Thursday morning that beat Wall Street estimates. Helmerich & Payne Inc reported 4th quarter income from continuing operations of 77 cents per share, on revenue of $558.96 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 70 cents per share, on revenue of $509.78 million. President and CEO Hans Helmerich said, “While industry rig counts in the U.S. land sector have exceeded most expectations in 2010, they are currently still about 20% below the previous cyclical peak. Notably, we have surpassed our previous record during that peak and now have the highest level of activity in the ninety-year history of the Company. Today, we announced contracts for four new build FlexRigs in addition to the 19 announced earlier this year. With over 200 H&P-designed and built FlexRigs over the last 12 years, and with well over 700 rig years of FlexRig operating experience, our ability to build a better rig for less, and to attain a higher dayrate and margin for that rig, remains unmatched.” Read more from Benzinga's Company news.