Cadence Wealth Management LLC Invests $1.42 Million in Helmerich & Payne, Inc. $HP

Cadence Wealth Management LLC bought a new position in Helmerich & Payne, Inc. (NYSE:HP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 43,253 shares of the oil and gas company’s stock, valued at approximately $1,416,000. Helmerich & Payne makes up about 0.6% of Cadence Wealth Management LLC’s portfolio, making the stock its 15th biggest position.

A number of other institutional investors have also made changes to their positions in HP. EverSource Wealth Advisors LLC raised its position in shares of 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 valued at $25,000 after acquiring an additional 1,582 shares in the last quarter. Leonteq Securities AG acquired a new position in Helmerich & Payne in the fourth quarter worth $26,000. Parallel Advisors LLC boosted 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 purchasing an additional 1,787 shares during the period. Hantz Financial Services Inc. increased its stake in Helmerich & Payne by 24.3% during the fourth quarter. Hantz Financial Services Inc. now owns 2,276 shares of the oil and gas company’s stock valued at $65,000 after purchasing an additional 445 shares during the last quarter. Finally, Strs Ohio bought a new stake in Helmerich & Payne during the first quarter valued at $101,000. 96.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on HP shares. Barclays increased their target price on shares of Helmerich & Payne from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. The Goldman Sachs Group boosted their price objective on shares of Helmerich & Payne from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Wednesday, June 3rd. Citigroup dropped their price objective on shares of Helmerich & Payne from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Morgan Stanley raised their target price on shares of Helmerich & Payne from $36.00 to $41.00 and gave the stock an “underweight” rating in a report on Thursday. Finally, Susquehanna lifted their target price on Helmerich & Payne from $40.00 to $44.00 and gave the company a “positive” rating in a research note on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $41.00.

Insider Activity at Helmerich & Payne

In other Helmerich & Payne news, CAO Sara Marie Momper sold 5,054 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $44.28, for a total transaction of $223,791.12. Following the completion of the transaction, the chief accounting officer owned 16,958 shares in the company, valued at approximately $750,900.24. The trade was a 22.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 directly owned 136,095 shares of the company’s stock, valued at approximately $6,024,925.65. The trade was a 7.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.40% of the stock is owned by company insiders.

Helmerich & Payne Trading Down 1.1%

Helmerich & Payne stock opened at $43.63 on Friday. Helmerich & Payne, Inc. has a 52-week low of $17.98 and a 52-week high of $45.00. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of -30.94 and a beta of 0.61. The firm has a 50-day moving average price of $35.87 and a two-hundred day moving average price of $36.35.

Helmerich & Payne (NYSE:HP) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.20). The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $987.70 million. Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.35%. Helmerich & Payne’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. Sell-side analysts expect that Helmerich & Payne, Inc. will post -0.15 earnings per share for the current year.

Helmerich & Payne Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, August 18th. Helmerich & Payne’s dividend payout ratio (DPR) is currently -70.92%.

About Helmerich & Payne

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.