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 Helmerich & Payne closed lower on Friday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year.
But the team also finds weaknesses including feeble growth in the company's earnings per share, weak operating cash flow and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HP