Helmerich & Payne (NYSE:HP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $73.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.95% from the stock’s previous close.
According to Zacks, “The improving outlook at Helmerich & Payne’s biggest unit – U.S. Land — and rising commodity prices are set to provide the contract driller with exciting opportunities to redeploy its technologically-advanced FlexRigs. As it is, healthier drilling activity in U.S. Land segment helped HP come out with narrower-than-expected loss in the last quarter on the back of higher utilizations and dayrates. The energy landscape is expected to further strengthen the fundamentals and increase levels of rig activity. We believe that HP’s proprietary FlexRigs will continue to benefit from the shift to complex onshore plays that require highly intensive solutions. Finally, the company's recent MagVar buy will improve the directional drilling performance and will enable HP to drill wells more efficiently and accurately. Consequently, we view Helmerich & Payne as a preferred energy play to own now.”
Several other brokerages have also recently issued reports on HP. Sanford C. Bernstein cut Helmerich & Payne from an “outperform” rating to a “market perform” rating in a report on Monday, January 29th. Cowen reaffirmed a “market perform” rating and set a $60.00 price objective (up from $50.00) on shares of Helmerich & Payne in a report on Friday, January 26th. Jefferies Group reaffirmed a “hold” rating and set a $69.00 price objective on shares of Helmerich & Payne in a report on Thursday, January 25th. Societe Generale raised Helmerich & Payne from a “hold” rating to a “buy” rating in a report on Monday, January 29th. Finally, Argus upped their price objective on Helmerich & Payne from $65.00 to $87.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Seven analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $58.00.
Helmerich & Payne (NYSE:HP) last issued its quarterly earnings data on Thursday, January 25th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.14. The business had revenue of $564.10 million for the quarter, compared to analysts’ expectations of $547.64 million. Helmerich & Payne had a negative return on equity of 1.90% and a net margin of 20.30%. The company’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.33) EPS.
In other Helmerich & Payne news, Director Chapman Paula Marshall sold 4,122 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $71.40, for a total value of $294,310.80. Following the transaction, the director now owns 16,647 shares of the company’s stock, valued at approximately $1,188,595.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in HP. Private Advisor Group LLC bought a new position in Helmerich & Payne in the 3rd quarter valued at $206,000. McCollum Christoferson Group LLC bought a new position in Helmerich & Payne in the 4th quarter valued at $209,000. IFM Investors Pty Ltd bought a new position in Helmerich & Payne in the 4th quarter valued at $215,000. Eads & Heald Investment Counsel bought a new position in Helmerich & Payne in the 4th quarter valued at $216,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Helmerich & Payne in the 3rd quarter valued at $222,000.
About Helmerich & Payne
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Helmerich & Payne Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Helmerich & Payne and related companies with MarketBeat.com's FREE daily email newsletter.