Canada Pension Plan Investment Board Acquires New Position in Helmerich & Payne, Inc. $HP

Key Points

• Canada Pension Plan Investment Board acquired 23,900 Helmerich & Payne shares in the second quarter, valued at approximately $782,000. Institutional investors and hedge funds collectively own 96.05% of the company.
• Insiders sold 110,673 shares worth about $4.86 million over the past 90 days, including a director’s sale of 94,470 shares and an SVP’s sale of 11,149 shares.
• HP shares recently traded near a 52-week high at $46.27, despite the company reporting an adjusted quarterly loss of $0.11 per share that missed estimates. Analysts’ consensus rating remains “Hold,” with an average price target of $41.

Canada Pension Plan Investment Board bought a new position in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 23,900 shares of the oil and gas company's stock, valued at approximately $782,000.

A number of other hedge funds have also bought and sold shares of HP. Aventail Capital Group LP purchased a new stake in shares of Helmerich & Payne during the fourth quarter valued at $5,464,000. UBS Group AG raised its stake in Helmerich & Payne by 17.5% in the 4th quarter. UBS Group AG now owns 1,215,192 shares of the oil and gas company's stock worth $34,852,000 after acquiring an additional 180,638 shares during the last quarter. Cadence Wealth Management LLC acquired a new stake in Helmerich & Payne during the 2nd quarter worth about $1,416,000. Corigliano Investment Advisers LLC acquired a new stake in Helmerich & Payne during the 4th quarter worth about $8,573,000. Finally, Deutsche Bank AG acquired a new stake in Helmerich & Payne during the 2nd quarter worth about $5,970,000. Institutional investors and hedge funds own 96.05% of the company's stock.

Insider Buying and Selling

In related news, Director Hans Helmerich sold 94,470 shares of the firm's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $43.90, for a total value of $4,147,233.00. Following the transaction, the director directly owned 20,000 shares of the company's stock, valued at approximately $878,000. This trade represents a 82.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Cara M. Hair sold 11,149 shares of the firm's stock in a transaction that occurred 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 in the company, valued at approximately $6,024,925.65. This trade represents a 7.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 110,673 shares of company stock worth $4,864,590 in the last 90 days. Insiders own 4.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on HP shares. Barclays increased their price objective on Helmerich & Payne from $47.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Wall Street Zen upgraded Helmerich & Payne from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Piper Sandler increased their price target on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Morgan Stanley raised their price target on shares of Helmerich & Payne from $36.00 to $41.00 and gave the stock an "underweight" rating in a research report on Thursday, August 20th. Finally, The Goldman Sachs Group upped their price objective on shares of Helmerich & Payne from $35.00 to $41.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Helmerich & Payne currently has an average rating of "Hold" and an average price target of $41.00.

Helmerich & Payne Trading Up 6.2%

Shares of HP stock opened at $46.27 on Wednesday. Helmerich & Payne, Inc. has a 1-year low of $19.50 and a 1-year high of $46.53. The company has a market cap of $4.62 billion, a price-to-earnings ratio of -32.82 and a beta of 0.65. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.55. The stock has a 50 day simple moving average of $36.88 and a 200-day simple moving average of $36.75.

Helmerich & Payne (NYSE:HP - Get Free Report) last posted its quarterly earnings data 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). Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%.The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $987.70 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business's revenue was down .6% on a year-over-year basis. On average, equities research analysts expect that Helmerich & Payne, Inc. will post -0.18 EPS for the current fiscal year.

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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