Helmerich & Payne (NYSE:HP) shares have crossed bullishly above their 10-day moving average of $65.92 on a volume of 508K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
Helmerich & Payne share prices have moved between a 52-week high of $69.38 and a 52-week low of $38.71 and are now trading 72% above that low price at $66.62 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.0%.
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 7.7% for shares of Helmerich & Payne based on a current price of $66.62 and an average consensus analyst price target of $71.77. The stock should discover initial support at its 50-day moving average (MA) of $60.85 and subsequent support at its 200-day MA of $50.66.