Helmerich & Payne (NYSE:HP) Trading 4.9% Higher – Here’s Why

Helmerich & Payne, Inc. (NYSE:HP) shares rose 4.9% during mid-day trading on Monday . The company traded as high as $44.98 and last traded at $44.6470. 78,403 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,392,394 shares. The stock had previously closed at $42.55.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Piper Sandler boosted their price target on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Citigroup dropped their target price on Helmerich & Payne from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, June 29th. Susquehanna upped their target price on Helmerich & Payne from $40.00 to $44.00 and gave the stock a “positive” rating in a research report on Friday, August 7th. Barclays increased their price target on Helmerich & Payne from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Finally, Royal Bank Of Canada lifted their price target on Helmerich & Payne from $38.00 to $40.00 and gave the company a “sector perform” rating in a research report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $41.00.

Helmerich & Payne Price Performance

The firm has a market capitalization of $4.35 billion, a P/E ratio of -30.87 and a beta of 0.61. The business’s fifty day moving average is $36.51 and its 200 day moving average is $36.60. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 0.69.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.20). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $987.70 million. Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%.The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 EPS. As a group, analysts forecast that Helmerich & Payne, Inc. will post -0.18 EPS for the current year.

Helmerich & Payne Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, August 18th. Helmerich & Payne’s dividend payout ratio is currently -70.92%.

Insider Activity at Helmerich & Payne

In related news, SVP Cara M. Hair sold 11,149 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $44.27, for a total value of $493,566.23. Following the completion of the transaction, the senior vice president owned 136,095 shares in the company, valued at $6,024,925.65. This trade represents a 7.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Hans Helmerich sold 94,470 shares of Helmerich & Payne stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $43.90, for a total value of $4,147,233.00. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at $878,000. This represents a 82.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 110,673 shares of company stock worth $4,864,590 in the last quarter. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Helmerich & Payne

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP grew its position in Helmerich & Payne by 24.9% during the 2nd quarter. Corient Private Wealth LP now owns 8,505 shares of the oil and gas company’s stock worth $278,000 after purchasing an additional 1,698 shares in the last quarter. Amundi grew its holdings in shares of Helmerich & Payne by 85.4% during the second quarter. Amundi now owns 22,773 shares of the oil and gas company’s stock valued at $746,000 after buying an additional 10,490 shares in the last quarter. California State Teachers Retirement System raised its position in Helmerich & Payne by 3,079.7% during the second quarter. California State Teachers Retirement System now owns 3,722,669 shares of the oil and gas company’s stock valued at $113,704,000 after buying an additional 3,605,593 shares during the period. Readystate Asset Management LP purchased a new stake in Helmerich & Payne in the 2nd quarter worth about $9,311,000. Finally, Nykredit A S acquired a new stake in Helmerich & Payne during the 2nd quarter worth about $112,000. Institutional investors and hedge funds 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.