Helmerich & Payne (NYSE:HP) crossed over its 10-day moving average of $62.58 on a volume of 615K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of December 31, 2011, the Company's existing fleet included 255 U.S. land rigs, 26 international land rigs and nine offshore platform rigs.
There is potential upside of 13.0% for shares of Helmerich & Payne based on a current price of $63.25 and an average consensus analyst price target of $71.47. Helmerich & Payne shares have support at the 50-day moving average (MA) of $61.50 and additional support at the 200-day MA of $56.83.
Over the past year, Helmerich & Payne has traded in a range of $38.71 to $69.38 and is now at $63.25, 63% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.4%.