Cary Street Partners Financial LLC Purchases New Position in Helmerich & Payne, Inc. (NYSE:HP)

Key Points

• Cary Street Partners Financial LLC has invested approximately $467,000 in Helmerich & Payne, acquiring 17,887 shares of the company in the first quarter.
• Helmerich & Payne reported a 49.2% year-over-year increase in revenue for the last quarter, totaling $1.04 billion, and announced a quarterly dividend of $0.25 with a yield of 5.8%.
• Despite recent growth, analyst price targets for Helmerich & Payne have been lowered by several brokerages, with recommendations ranging from "sell" to "hold."

Cary Street Partners Financial LLC bought a new position in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,887 shares of the oil and gas company's stock, valued at approximately $467,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in HP. Versant Capital Management Inc grew its position in Helmerich & Payne by 104.2% in the 1st quarter. Versant Capital Management Inc now owns 1,699 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 867 shares in the last quarter. Covestor Ltd grew its position in Helmerich & Payne by 61.3% in the 4th quarter. Covestor Ltd now owns 2,386 shares of the oil and gas company's stock worth $76,000 after purchasing an additional 907 shares in the last quarter. Sterling Capital Management LLC grew its position in Helmerich & Payne by 817.5% in the 4th quarter. Sterling Capital Management LLC now owns 3,046 shares of the oil and gas company's stock worth $98,000 after purchasing an additional 2,714 shares in the last quarter. GAMMA Investing LLC grew its position in Helmerich & Payne by 85.4% in the 1st quarter. GAMMA Investing LLC now owns 3,167 shares of the oil and gas company's stock worth $83,000 after purchasing an additional 1,459 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Helmerich & Payne by 120.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,533 shares of the oil and gas company's stock worth $113,000 after purchasing an additional 1,932 shares in the last quarter. 96.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on HP. Susquehanna reduced their price objective on shares of Helmerich & Payne from $24.00 to $23.00 and set a "positive" rating for the company in a research report on Tuesday, July 1st. TD Cowen reduced their price objective on shares of Helmerich & Payne from $28.00 to $26.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Barclays reduced their price objective on shares of Helmerich & Payne from $20.00 to $17.00 and set an "equal weight" rating for the company in a research report on Friday, June 20th. Wall Street Zen downgraded shares of Helmerich & Payne from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, The Goldman Sachs Group dropped their target price on shares of Helmerich & Payne from $25.00 to $17.00 and set a "sell" rating on the stock in a research note on Tuesday, June 24th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $22.00.

Helmerich & Payne Stock Performance

HP traded up $0.15 during midday trading on Wednesday, reaching $17.74. The company had a trading volume of 693,735 shares, compared to its average volume of 1,990,216. The stock has a market cap of $1.76 billion, a PE ratio of -53.76 and a beta of 0.87. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.43 and a current ratio of 1.84. The business has a 50-day moving average price of $16.63 and a two-hundred day moving average price of $20.75. Helmerich & Payne, Inc. has a 12-month low of $14.65 and a 12-month high of $37.46.

Helmerich & Payne (NYSE:HP - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1 billion. Helmerich & Payne had a negative net margin of 0.90% and a positive return on equity of 5.81%. Helmerich & Payne's revenue was up 49.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 EPS. On average, sell-side analysts expect that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th 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 5.6%. The ex-dividend date is Friday, August 15th. Helmerich & Payne's dividend payout ratio is presently -303.03%.

About Helmerich & Payne

Founded in 1920, Helmerich & Payne, Inc (H&P) NYSE: HP is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders.