Helmerich & Payne Inc. (HP) Given Sell Rating at Credit Suisse Group AG
Credit Suisse Group AG reiterated their sell rating on shares of Helmerich & Payne Inc. (NYSE:HP) in a research note issued to investors on Friday. Credit Suisse Group AG currently has a $53.00 price target on the stock.
“We tweak our 2017/18 EBITDA estimates to $292M/$304M (from $281M/$293M). We maintain our Underperform rating and raise our PT to $53 (from $52). …but Moving in the Wrong Direction. In US land, while HP expects revenue days +20% q/q in F1Q17 (we model US horizontal rig count +17% q/q), it guided to an average daily margin -16% q/q ($9.3K from $11.1K) driven by (1) a higher mix of rigs on spot market vs. term contracts and (2) rigs moving to full operating mode from standby, which clearly carries a higher cost burden. Evidently the incremental dayrate is not sufficient to offset by incremental costs.”,” the firm’s analyst wrote.
HP has been the subject of several other reports. Vetr restated a strong-buy rating on shares of Helmerich & Payne in a research note on Monday, August 22nd. Jefferies Group reiterated a sell rating on shares of Helmerich & Payne in a research note on Tuesday, August 30th. DA Davidson initiated coverage on shares of Helmerich & Payne in a research note on Thursday, September 15th. They issued a buy rating and a $72.00 target price for the company. Citigroup Inc. reiterated a neutral rating and issued a $72.00 target price (up from $63.00) on shares of Helmerich & Payne in a research note on Wednesday, October 5th. Finally, RBC Capital Markets set a $70.00 target price on shares of Helmerich & Payne and gave the company a buy rating in a research note on Friday, October 7th. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Helmerich & Payne currently has a consensus rating of Hold and a consensus target price of $62.95.
Helmerich & Payne (NYSE:HP) traded up 1.08% during trading on Friday, reaching $68.99. 546,426 shares of the company traded hands. The firm has a 50-day moving average price of $65.90 and a 200-day moving average price of $63.39. Helmerich & Payne has a 52 week low of $40.02 and a 52 week high of $70.39. The company’s market capitalization is $7.46 billion.
Helmerich & Payne (NYSE:HP) last announced its quarterly earnings data on Thursday, November 17th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.09. Helmerich & Payne had a negative net margin of 3.50% and a negative return on equity of 2.25%. The business earned $332 million during the quarter, compared to analysts’ expectations of $304.26 million. During the same period in the previous year, the business posted $0.04 EPS. The business’s quarterly revenue was down 40.1% compared to the same quarter last year. Analysts forecast that Helmerich & Payne will post ($1.22) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 11th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Tuesday, November 8th. Helmerich & Payne’s dividend payout ratio (DPR) is currently -518.52%.
In other news, CEO John W. Lindsay sold 15,000 shares of the firm’s stock in a transaction on Friday, September 30th. The stock was sold at an average price of $67.45, for a total value of $1,011,750.00. Following the completion of the transaction, the chief executive officer now owns 141,512 shares in the company, valued at $9,544,984.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John R. Bell sold 9,000 shares of the firm’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $66.35, for a total value of $597,150.00. Following the completion of the transaction, the insider now owns 45,666 shares of the company’s stock, valued at approximately $3,029,939.10. The disclosure for this sale can be found here. 4.23% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in HP. SFE Investment Counsel boosted its position in shares of Helmerich & Payne by 15.9% in the second quarter. SFE Investment Counsel now owns 25,350 shares of the company’s stock worth $1,702,000 after buying an additional 3,485 shares in the last quarter. CT Mason boosted its position in shares of Helmerich & Payne by 0.9% in the third quarter. CT Mason now owns 95,701 shares of the company’s stock worth $6,441,000 after buying an additional 825 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Helmerich & Payne by 23.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,200 shares of the company’s stock worth $14,044,000 after buying an additional 39,803 shares in the last quarter. Shell Asset Management Co. boosted its position in shares of Helmerich & Payne by 98.9% in the second quarter. Shell Asset Management Co. now owns 10,913 shares of the company’s stock worth $733,000 after buying an additional 5,425 shares in the last quarter. Finally, BB&T Securities LLC purchased a new position in shares of Helmerich & Payne during the second quarter worth $331,000.
About Helmerich & Payne
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
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