Helmerich & Payne (NYSE:HP) Shares Up 12.4% – What’s Next?

Helmerich & Payne, Inc. (NYSE:HP)’s share price shot up 12.4% during mid-day trading on Thursday . The company traded as high as $37.58 and last traded at $37.4020. Approximately 425,789 shares changed hands during trading, a decline of 69% from the average daily volume of 1,383,403 shares. The stock had previously closed at $33.28.

Wall Street Analyst Weigh In

HP has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Helmerich & Payne in a research report on Wednesday, June 24th. Piper Sandler boosted their price objective on Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Susquehanna reduced their price objective on shares of Helmerich & Payne from $43.00 to $40.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Barclays raised their target price on shares of Helmerich & Payne from $39.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Helmerich & Payne from $38.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $39.80.

Helmerich & Payne Price Performance

The company has a market cap of $3.74 billion, a PE ratio of -9.88 and a beta of 0.61. The stock has a fifty day moving average price of $34.99 and a 200-day moving average price of $35.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.71 and a quick ratio of 1.32.

Helmerich & Payne (NYSE:HP) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.20). The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $987.70 million. Helmerich & Payne had a negative net margin of 9.38% and a negative return on equity of 1.16%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 EPS. On average, equities analysts expect that Helmerich & Payne, Inc. will post -0.11 earnings per share for the current year.

Helmerich & Payne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 2.7%. Helmerich & Payne’s dividend payout ratio (DPR) is presently -26.39%.

Hedge Funds Weigh In On Helmerich & Payne

A number of large investors have recently made changes to their positions in the business. Aventail Capital Group LP bought a new stake in shares of Helmerich & Payne in the 4th quarter valued at approximately $5,464,000. UBS Group AG lifted its stake in Helmerich & Payne by 17.5% in the fourth quarter. UBS Group AG now owns 1,215,192 shares of the oil and gas company’s stock valued at $34,852,000 after acquiring an additional 180,638 shares during the last quarter. Corigliano Investment Advisers LLC acquired a new stake in Helmerich & Payne in the fourth quarter valued at approximately $8,573,000. Deprince Race & Zollo Inc. bought a new stake in Helmerich & Payne in the fourth quarter worth approximately $23,120,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Helmerich & Payne in the fourth quarter worth approximately $1,522,000. Institutional investors and hedge funds 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.