Core Laboratories (NYSE:CLB) -2% in Monday's trading after Morgan Stanley downgrades shares to Underweight from Equal Weight with a $20 price target, while Helmerich & Payne (NYSE:HP) +4.4% after the firm upgraded shares to Overweight from Equal Weight with a $55 PT, raised from $48.

Morgan Stanley analyst Connor Lynagh sees less potential for upside EBITDA and free cash flow revisions as well as higher leverage for Core Labs (CLB) relative to its peer group, as well as outsized exposure to longer-cycle international markets, where the analyst's activity estimates have decreased marginally vs. upward revisions for North American land markets.

However, the analyst thinks Core Labs' (CLB) outsized international and offshore activity exposure would be a relative benefit if oil prices and upstream activity surprise to the downside.

Meanwhile, Lynagh sees potential for peer-leading free cash flow revisions for Helmerich & Payne (HP) despite below average EBITDA upside and above average capex upside compared with peers.

The analyst also said Helmerich & Payne (HP) has an outsized share of idle top-tier U.S. land rigs, which likely will support near-term share growth for the company in the current market.

Helmerich & Payne's (HP) swung to positive net income in the most recent quarter is "an encouraging sign," Fun Trading writes in a bullish analysis posted recently on Seeking Alpha.