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Helmerich-Payne - HP - cls: 66.40 chg: +2.06 stop: 62.39

Company Description:
Helmerich & Payne, Inc. is primarily a contract drilling company. As of June 5, 2008, the Company's existing fleet included 177 U.S. land rigs, 27 international land rigs and nine offshore platform rigs. (source: company press release or website)

Why We Like It:
Oil and oil service stocks rebounded thanks to an afternoon rally in crude oil. Traders have been pretty consistent at buying dips in HP near its rising 50-dma. The stock has been trying to find a bottom near its 50-dma the last few days. We are suggesting readers buy this bounce with a stop loss under today's low. We have two targets. Our first target is $69.90. Our second target is $74.00. We do not want to hold over the late July earnings report.

Picked on July 10 at $66.40
Change since picked: + 0.00
Earnings Date 07/31/08 (unconfirmed)
Average Daily Volume: 1.6 million
 

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