BlackRock Inc. Purchases Shares of 15,679,163 Helmerich & Payne, Inc. $HP

Key Points

• BlackRock acquired 15.68 million Helmerich & Payne shares during the second quarter, worth approximately $513.3 million and representing a 15.69% stake. Institutional investors and hedge funds collectively own 96.05% of the company.
• Helmerich & Payne reported a quarterly loss of $0.11 per share, missing analysts’ $0.09 estimate, while revenue of $1.03 billion exceeded expectations. Analysts expect a full-year loss of approximately $0.15 per share.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 2.4% yield. The stock has a consensus “Hold” rating with a $41 average price target.

BlackRock Inc. purchased a new stake in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,679,163 shares of the oil and gas company's stock, valued at approximately $513,336,000. BlackRock Inc. owned about 15.69% of Helmerich & Payne at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aventail Capital Group LP acquired a new position in Helmerich & Payne during the 4th quarter worth $5,464,000. UBS Group AG grew its stake in shares of 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 worth $34,852,000 after purchasing an additional 180,638 shares in the last quarter. Corigliano Investment Advisers LLC acquired a new position in shares of Helmerich & Payne during the fourth quarter valued at $8,573,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Helmerich & Payne during the fourth quarter valued at $1,522,000. Finally, Canoe Financial LP bought a new stake in shares of Helmerich & Payne during the first quarter valued at about $33,130,000. 96.05% of the stock is currently owned by institutional investors and hedge funds.

Helmerich & Payne Stock Performance

NYSE:HP opened at $42.45 on Tuesday. Helmerich & Payne, Inc. has a twelve month low of $18.48 and a twelve month high of $45.00. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average of $35.98 and a 200-day moving average of $36.42. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of -30.11 and a beta of 0.61.

Helmerich & Payne (NYSE:HP - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.20). The business 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 earnings per share. Analysts forecast that Helmerich & Payne, Inc. will post -0.15 earnings per share for the current fiscal year.

Helmerich & Payne Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.00 annualized dividend and a dividend yield of 2.4%. Helmerich & Payne's dividend payout ratio (DPR) is currently -70.92%.

Insider Buying and Selling

In other news, CAO Sara Marie 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 completion of the sale, the chief accounting officer directly 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Cara M. Hair sold 11,149 shares of the stock in a transaction on Monday, August 17th. The shares were 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 owned 136,095 shares of the company's stock, valued at $6,024,925.65. This trade represents a 7.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 110,673 shares of company stock worth $4,864,590 in the last three months. 4.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on HP shares. Wall Street Zen raised shares of Helmerich & Payne from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings raised shares of Helmerich & Payne from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, August 12th. Citigroup dropped their price target on shares of Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, June 29th. The Goldman Sachs Group upped their price target on shares of Helmerich & Payne from $35.00 to $41.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 3rd. Finally, Piper Sandler increased their price objective on shares of Helmerich & Payne from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $41.00.

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.

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