Helmerich and Payne Inc (NYSE:HP) reported worse-than-expected second-quarter financial results, after the closing bell on Wednesday.

Helmerich & Payne reported quarterly losses of 38 cents per share which missed the analyst consensus estimate of losses of 2 cents per share. The company reported quarterly sales of $932.000 million which missed the analyst consensus estimate of $949.644 million.

“H&P delivered solid operational performance during the second quarter, reflecting the resilience of our core business and the disciplined execution of our teams,” said President and CEO Trey Adams. “Regarding the conflict in the Middle East, our primary focus has been on the safety and security of our people in the region. I am pleased to report that our teams have remained focused and safe. We continue to closely monitor developments in the region and despite a fluid environment, our team has done an exceptional job in maintaining continuity of operations, including the planned reactivation of rigs in the region, supported by strong local leadership and the dedication of our people in the region.”

Helmerich & Payne shares rose 1.2% to trade at $37.34 on Friday.

These analysts made changes to their price targets on Helmerich & Payne following earnings announcement.

• Susquehanna analyst Charles Minervino maintained Helmerich & Payne with a Positive and raised the price target from $42 to $43.
• Barclays analyst Eddie Kim maintained the stock with an Overweight rating and raised the price target from $39 to $47.

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