Not to buy is an active decision. I took a serious look at Helmerich & Payne and, though we really liked the company, my conclusion was not to buy the stock at this price (see analysis). However, this research was not a complete waste of time, because at a lower price, in the $20-30s, HP looks like a very interesting opportunity. Click here to download PDF.
Vitaliy N. Katsenelson, CFA, is Chief Investment Officer at Investment Management Associates in Denver, Colo. He is the author of Active Value Investing (Wiley, 2007) and the upcoming The Little Book of Sideways Markets (Wiley, December 2010). To receive Vitaliy’s future articles by email, click here or you can read them on ContrarianEdge.com.