Helmerich & Payne (NYSE:HP) Hits New 1-Year High – Here’s What Happened

Shares of Helmerich & Payne, Inc. (NYSE:HP) reached a new 52-week high during trading on Thursday . The stock traded as high as $34.70 and last traded at $32.9250, with a volume of 438134 shares changing hands. The stock had previously closed at $33.10.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Piper Sandler upgraded shares of Helmerich & Payne from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $21.00 to $35.00 in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Helmerich & Payne in a research note on Monday, December 29th. JPMorgan Chase & Co. raised Helmerich & Payne from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $24.00 to $34.00 in a research report on Wednesday, December 10th. Citigroup boosted their price objective on shares of Helmerich & Payne from $29.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Finally, Morgan Stanley reissued an “underweight” rating and set a $28.00 target price on shares of Helmerich & Payne in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $33.00.

Helmerich & Payne Stock Up 0.4%

The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -19.91 and a beta of 0.56. The company has a current ratio of 1.80, a quick ratio of 1.40 and a debt-to-equity ratio of 0.73. The firm’s 50 day moving average is $29.75 and its two-hundred day moving average is $24.17.

Helmerich & Payne (NYSE:HP) last issued its quarterly earnings results on Monday, November 17th. The oil and gas company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.27). The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $972.79 million. Helmerich & Payne had a positive return on equity of 3.21% and a negative net margin of 4.37%.The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.76 EPS. On average, sell-side analysts predict that Helmerich & Payne, Inc. will post 2.93 EPS for the current year.

Helmerich & Payne Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, February 13th. Helmerich & Payne’s dividend payout ratio is -59.88%.

Insider Activity at Helmerich & Payne

In other news, Director Hans Helmerich sold 75,000 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $28.12, for a total value of $2,109,000.00. Following the completion of the transaction, the director directly owned 496,735 shares in the company, valued at approximately $13,968,188.20. This represents a 13.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Helmerich & Payne

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in Helmerich & Payne by 2,433.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,647 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,582 shares during the last quarter. Rothschild Investment LLC grew its position in shares of Helmerich & Payne by 1,377.8% during the 3rd quarter. Rothschild Investment LLC now owns 1,330 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 1,240 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of Helmerich & Payne by 46.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,745 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 554 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Helmerich & Payne by 184.3% during the third quarter. Hantz Financial Services Inc. now owns 1,831 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,187 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in Helmerich & Payne by 407.1% in the third quarter. Parallel Advisors LLC now owns 2,226 shares of the oil and gas company’s stock worth $49,000 after acquiring an additional 1,787 shares during the last quarter. Institutional investors own 96.05% of the company’s stock.

Helmerich & Payne Company Profile

Helmerich & Payne, Inc is a leading provider of contract drilling services to the oil and gas industry, specializing primarily in onshore drilling operations. The company designs, engineers and operates a fleet of advanced drilling rigs, including its proprietary FlexRigs, which are engineered for high efficiency, safety and rapid mobilization. Alongside core drilling services, Helmerich & Payne offers well intervention, workover and coiled tubing services, positioning itself as a comprehensive drilling solutions partner for exploration and production companies worldwide.

Founded in 1920 and headquartered in Tulsa, Oklahoma, Helmerich & Payne has grown through innovation and strategic expansion to serve diverse hydrocarbon basins.