Comerica Bank Sells 25,019 Shares of Helmerich & Payne, Inc. $HP

Key Points

• Comerica Bank reduced its stake in Helmerich & Payne, Inc. by 25.4%, selling 25,019 shares during the first quarter, leaving it with approximately $1.92 million in holdings.
• Institutional investors collectively own 96.05% of Helmerich & Payne, with notable increases from firms like Bank of America Corp, which boosted its stake by 542.9%.
• Helmerich & Payne reported a $0.22 EPS for the most recent quarter, exceeding consensus expectations, and its revenue experienced a 49.2% year-over-year increase.

Comerica Bank cut its stake in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 25.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,552 shares of the oil and gas company's stock after selling 25,019 shares during the quarter. Comerica Bank owned approximately 0.07% of Helmerich & Payne worth $1,921,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of HP. Balyasny Asset Management L.P. bought a new position in Helmerich & Payne during the fourth quarter worth $28,708,000. Victory Capital Management Inc. boosted its stake in Helmerich & Payne by 28.4% during the first quarter. Victory Capital Management Inc. now owns 3,553,181 shares of the oil and gas company's stock worth $92,809,000 after acquiring an additional 786,250 shares in the last quarter. Invesco Ltd. boosted its stake in Helmerich & Payne by 24.7% during the first quarter. Invesco Ltd. now owns 2,704,134 shares of the oil and gas company's stock worth $70,632,000 after acquiring an additional 535,808 shares in the last quarter. Bank of America Corp DE boosted its stake in Helmerich & Payne by 542.9% during the fourth quarter. Bank of America Corp DE now owns 523,047 shares of the oil and gas company's stock worth $16,748,000 after acquiring an additional 441,688 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Helmerich & Payne by 12.2% during the first quarter. American Century Companies Inc. now owns 2,983,840 shares of the oil and gas company's stock worth $77,938,000 after acquiring an additional 325,484 shares in the last quarter. 96.05% of the stock is owned by institutional investors.

Insider Activity at Helmerich & Payne

In other news, CAO Sara Marie Momper sold 6,700 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $17.83, for a total value of $119,461.00. Following the completion of the sale, the chief accounting officer owned 21,908 shares in the company, valued at $390,619.64. This represents a 23.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.51% of the stock is currently owned by corporate insiders.

Helmerich & Payne Stock Performance

Shares of HP stock opened at $21.22 on Wednesday. The firm has a 50-day moving average of $17.11 and a 200-day moving average of $19.61. The company has a market cap of $2.11 billion, a P/E ratio of -64.29 and a beta of 0.94. 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 one year low of $14.65 and a one year high of $37.46.

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

Wall Street Analyst Weigh In

HP has been the topic of several research analyst reports. Royal Bank Of Canada increased their target price on shares of Helmerich & Payne from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Piper Sandler upped their price objective on shares of Helmerich & Payne from $20.00 to $21.00 and gave the stock a "neutral" rating in a report on Thursday, August 14th. Citigroup restated a "neutral" rating and set a $17.00 price objective (down previously from $19.00) on shares of Helmerich & Payne in a report on Thursday, June 26th. Zacks Research upgraded shares of Helmerich & Payne to a "hold" rating in a report on Monday, August 11th. Finally, TD Cowen upped their price objective on shares of Helmerich & Payne from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Tuesday, August 19th. One analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $22.20.

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.

Want to see what other hedge funds are holding HP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Helmerich & Payne, Inc. (NYSE:HP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.