Helmerich & Payne (NYSE:HP) EPS Should Rise in 2011

Liking how Helmerich & Payne's (NYSE:HP) FlexRigs are driving U.S. land results, Canaccord Genuity reiterated their "Buy" rating on the company, while also increasing their earnings per share estimate for 2011.

Canaccord said, "company’s modern, efficient and high performance FlexRigs continues to drive US Land results, with increased utilization (82% vs industry avg. 60%) and higher average dayrates (-$24,000). The company also announced another four newbuilds, bringing the total under construction to 12. We are increasing our F2011 EPS from $2.70 to $3.40 and reiterate our rating."

Helmerich & Payne closed Friday at $46.56, losing $0.82, or 1.73 percent. Volume was close to the 3-month daily average.

Canaccord Genuity has a price target of $60 on Helmerich & Payne.