Channing Capital Management LLC Sells 446,512 Shares of Helmerich & Payne, Inc. $HP

Key Points

• Channing Capital Management LLC significantly reduced its stake in Helmerich & Payne, Inc. by 95.1%, selling 446,512 shares during the first quarter, leaving it with just 22,854 shares valued at approximately $597,000.
• Despite the decrease in Channing's holdings, other hedge funds increased their ownership in Helmerich & Payne, with Versant Capital Management increasing its stake by 104.2% and GAMMA Investing LLC by 85.4% in the same period.
• Helmerich & Payne recently announced a quarterly dividend of $0.25, resulting in an annualized basis of $1.00 and a yield of 5.6%, although the company's dividend payout ratio stands at a negative -303.03%.

Channing Capital Management LLC cut its holdings in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 95.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,854 shares of the oil and gas company's stock after selling 446,512 shares during the quarter. Channing Capital Management LLC's holdings in Helmerich & Payne were worth $597,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in shares of Helmerich & Payne during the 4th quarter worth approximately $2,788,000. Principal Financial Group Inc. grew its holdings in Helmerich & Payne by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 494,813 shares of the oil and gas company's stock valued at $12,925,000 after buying an additional 15,990 shares in the last quarter. Grace & White Inc. NY grew its holdings in Helmerich & Payne by 40.8% in the 1st quarter. Grace & White Inc. NY now owns 113,342 shares of the oil and gas company's stock valued at $2,960,000 after buying an additional 32,856 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Helmerich & Payne by 26.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 468,757 shares of the oil and gas company's stock valued at $12,422,000 after buying an additional 97,388 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings 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 valued at $83,000 after buying an additional 1,459 shares in the last quarter. 96.05% of the stock is owned by institutional investors and hedge funds.

Helmerich & Payne Price Performance

Shares of HP stock traded up $0.53 on Wednesday, hitting $19.48. 540,555 shares of the company's stock were exchanged, compared to its average volume of 1,987,092. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.43. Helmerich & Payne, Inc. has a 12 month low of $14.65 and a 12 month high of $37.46. The stock has a market cap of $1.94 billion, a P/E ratio of -58.95 and a beta of 0.87. The company has a 50 day moving average of $16.73 and a 200 day moving average of $19.83.

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

Helmerich & Payne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Friday, August 15th. Helmerich & Payne's dividend payout ratio is currently -303.03%.

Analyst Upgrades and Downgrades

HP has been the topic of a number of research reports. Susquehanna decreased their price objective on Helmerich & Payne from $24.00 to $23.00 and set a "positive" rating on the stock in a report on Tuesday, July 1st. TD Cowen upped their price objective on Helmerich & Payne from $26.00 to $27.00 and gave the company a "hold" rating in a report on Tuesday, August 19th. Citigroup reaffirmed a "neutral" rating and issued a $17.00 price objective (down from $19.00) on shares of Helmerich & Payne in a report on Thursday, June 26th. Morgan Stanley reduced their target price on Helmerich & Payne from $27.00 to $20.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Finally, Piper Sandler increased their target price on Helmerich & Payne from $20.00 to $21.00 and gave the stock a "neutral" rating in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Helmerich & Payne presently has an average rating of "Reduce" and an average target price of $22.20.

Insider Buying and Selling at Helmerich & Payne

In other Helmerich & Payne news, CAO Sara Marie Momper sold 6,700 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $17.83, for a total value of $119,461.00. Following the completion of the transaction, the chief accounting officer directly owned 21,908 shares in the company, valued at approximately $390,619.64. This trade represents a 23.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.51% of the stock is currently owned by corporate insiders.

Helmerich & Payne Profile

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.