Barclays Issues Positive Forecast for Helmerich & Payne (NYSE:HP) Stock Price

Helmerich & Payne (NYSE:HP) had its price target raised by equities research analysts at Barclays from $39.00 to $47.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Barclays‘s price target points to a potential upside of 25.39% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Helmerich & Payne in a report on Friday, March 27th. Piper Sandler raised their price objective on shares of Helmerich & Payne from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Citigroup lifted their price objective on Helmerich & Payne from $33.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. Evercore raised Helmerich & Payne from an “in-line” rating to an “outperform” rating and set a $43.00 target price for the company in a research note on Friday, March 20th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $32.00 price target on shares of Helmerich & Payne in a report on Wednesday, January 14th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.70.

Helmerich & Payne Stock Performance

Shares of Helmerich & Payne stock traded up $0.58 on Friday, hitting $37.48. The stock had a trading volume of 225,860 shares, compared to its average volume of 1,543,624. The company’s 50 day moving average price is $35.92 and its 200 day moving average price is $31.99. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -9.88 and a beta of 0.62. The company has a current ratio of 2.03, a quick ratio of 1.58 and a debt-to-equity ratio of 0.75. Helmerich & Payne has a 52-week low of $14.65 and a 52-week high of $41.68.

Helmerich & Payne (NYSE:HP) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.32). Helmerich & Payne had a negative return on equity of 1.14% and a negative net margin of 9.38%.The business had revenue of $932.36 million for the quarter, compared to analyst estimates of $945.60 million. During the same quarter in the prior year, the company earned $0.01 EPS. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. On average, research analysts anticipate that Helmerich & Payne will post 0.11 EPS for the current year.

Insider Activity

In related news, SVP Cara M. Hair sold 58,771 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $36.62, for a total transaction of $2,152,194.02. Following the sale, the senior vice president owned 175,589 shares in the company, valued at approximately $6,430,069.18. This trade represents a 25.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Helmerich & Payne

A number of large investors have recently bought and sold shares of HP. Dimensional Fund Advisors LP raised its position in shares of Helmerich & Payne by 11.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,735,765 shares of the oil and gas company’s stock worth $206,660,000 after buying an additional 570,500 shares during the period. Illinois Municipal Retirement Fund grew its position in Helmerich & Payne by 3.9% during the first quarter. Illinois Municipal Retirement Fund now owns 51,407 shares of the oil and gas company’s stock valued at $1,852,000 after acquiring an additional 1,927 shares during the period. Avantax Planning Partners Inc. purchased a new stake in Helmerich & Payne during the first quarter valued at about $210,000. Principal Financial Group Inc. increased its stake in Helmerich & Payne by 2.4% during the first quarter. Principal Financial Group Inc. now owns 485,233 shares of the oil and gas company’s stock worth $17,483,000 after acquiring an additional 11,416 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Helmerich & Payne by 288.4% in the 1st quarter. Fifth Third Bancorp now owns 65,386 shares of the oil and gas company’s stock worth $2,356,000 after purchasing an additional 48,551 shares during the period. Hedge funds and other institutional investors own 96.05% of the company’s stock.

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.