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Helmerich & Payne (HP) Stock Upgraded at Morgan Stanley

NEW YORK (TheStreet) -- Helmerich & Payne's (HP) stock rating was raised to "equal weight" from "underweight" at Morgan Stanley on Tuesday morning.

The firm also upped its price target to $80 from $70 on shares of the Tulsa, OK-based oil and gas contract drilling company.

Morgan Stanley said data points from the company's conference indicate relative tightness in the U.S. "high spec" land rig market.

Additionally, the firm sees meaningful near-term outperformance, but equal weight long-term due to valuation, the Fly said.

Shares of...