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OFS - Analyst Notes - July 1, 2020

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Helmerich & Payne (NYSE: HP; $21.42-June 22; Buy) Excluding early-termination payments, must acknowledge that we do see negative EBITDA as a very real possibility over the balance of CY’20, and we’re now only modeling marginal positive EBITDA for FY’21 (vs. Street $79MM). Despite that ugly near-term outlook, more important in our view is fact that HP’s healthy balance sheet (Mar-Q net debt/cap ~2%) still offers ample flexibility to weather the storm (and emerge stronger......
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