Helmerich & Payne (NYSE:HP) Shares Climb 6.4% – Here’s Why

Helmerich & Payne, Inc. (NYSE:HP) shares rose 6.4% during trading on Friday. The stock traded as high as $39.47 and last traded at $39.5210. 85,687 shares changed hands during trading, a decline of 94% from the average daily volume of 1,346,120 shares. The stock had previously closed at $37.13.

Analyst Ratings Changes

HP has been the subject of several research reports. Barclays boosted their price objective on shares of Helmerich & Payne from $50.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Susquehanna upped their price objective on Helmerich & Payne from $44.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 5th. Royal Bank Of Canada raised their price objective on shares of Helmerich & Payne from $44.00 to $49.00 and gave the company a “sector perform” rating in a research report on Thursday, September 10th. Citigroup increased their price target on Helmerich & Payne from $36.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Finally, Morgan Stanley boosted their price objective on Helmerich & Payne from $36.00 to $41.00 and gave the company an “underweight” rating in a research report on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.36.

Helmerich & Payne Price Performance

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’s 50 day simple moving average is $41.24 and its 200 day simple moving average is $38.16. The company has a market capitalization of $3.89 billion, a PE ratio of -27.70, a price-to-earnings-growth ratio of 0.94 and a beta of 0.69.

Helmerich & Payne (NYSE:HP) last announced its quarterly earnings data 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 firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $987.70 million. Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the business earned $0.22 EPS. As a group, research analysts anticipate that Helmerich & Payne, Inc. will post -0.17 EPS for the current fiscal year.

Helmerich & Payne Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 18th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Wednesday, November 18th. Helmerich & Payne’s dividend payout ratio is -70.92%.

Insider Buying and Selling at Helmerich & Payne

In other news, SVP Cara M. Hair sold 11,149 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $44.27, for a total transaction of $493,566.23. Following the sale, the senior vice president directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sara Momper sold 5,054 shares of the company’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 transaction, the chief accounting officer owned 16,958 shares of the company’s stock, valued at $750,900.24. This represents a 22.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 110,673 shares of company stock worth $4,864,590. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Helmerich & Payne

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cadence Wealth Management LLC acquired a new stake in shares of Helmerich & Payne during the second quarter valued at about $1,416,000. Deutsche Bank AG acquired a new position in shares of Helmerich & Payne in the 2nd quarter worth approximately $5,970,000. Energy Income Partners LLC acquired a new stake in Helmerich & Payne in the 2nd quarter valued at approximately $4,268,000. The Manufacturers Life Insurance Company acquired a new stake in Helmerich & Payne in the 2nd quarter valued at approximately $4,521,000. Finally, Legal & General Group Plc purchased a new stake in Helmerich & Payne in the second quarter valued at approximately $7,233,000. 96.05% of the stock is currently owned by institutional investors and hedge funds.

Helmerich & Payne Company Profile

Helmerich & Payne, Inc is a contract drilling company that provides land-based and offshore drilling services to oil and gas exploration and production companies. The company operates drilling rigs and provides related equipment, technology and field services used to drill and develop hydrocarbon wells.

H&P is known for its FlexRig fleet, including AC-powered rigs designed for horizontal and unconventional drilling. Its services may include rig operations, drilling support, automation and other technologies intended to improve operational efficiency, well placement and safety.