Comerica Bank Sells 29,032 Shares of Helmerich & Payne, Inc. $HP

Key Points

• Comerica Bank cut its Helmerich & Payne stake by 38.4% in the fourth quarter, selling 29,032 shares and leaving it with 46,599 shares valued at about $1.34 million.
• Helmerich & Payne reported a weaker-than-expected quarterly loss, posting EPS of -$0.38 versus estimates of -$0.06, while revenue came in below forecasts at $932.36 million and fell 8.2% from a year ago.
• Analysts are mixed on the stock, with a consensus rating of Hold and an average price target of $39.10; the company also announced a quarterly dividend of $0.25 per share, payable June 1.

Comerica Bank lessened its holdings in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 38.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,599 shares of the oil and gas company's stock after selling 29,032 shares during the quarter. Comerica Bank's holdings in Helmerich & Payne were worth $1,336,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in Helmerich & Payne by 2,433.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,647 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 1,582 shares in the last quarter. Rothschild Investment LLC raised its holdings in shares of Helmerich & Payne by 1,377.8% during the 3rd quarter. Rothschild Investment LLC now owns 1,330 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 1,240 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Helmerich & Payne by 46.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,745 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 554 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in Helmerich & Payne by 184.3% in the third quarter. Hantz Financial Services Inc. now owns 1,831 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 1,187 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in Helmerich & Payne by 407.1% in the third quarter. Parallel Advisors LLC now owns 2,226 shares of the oil and gas company's stock worth $49,000 after purchasing an additional 1,787 shares in the last quarter. 96.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on HP shares. Weiss Ratings restated a "sell (d+)" rating on shares of Helmerich & Payne in a report on Friday, March 27th. Susquehanna upped their price target on Helmerich & Payne from $42.00 to $43.00 and gave the stock a "positive" rating in a research note on Friday. Morgan Stanley increased their price objective on Helmerich & Payne from $30.00 to $35.00 and gave the company an "underweight" rating in a report on Wednesday, April 15th. The Goldman Sachs Group reissued a "neutral" rating and issued a $32.00 price objective on shares of Helmerich & Payne in a research note on Wednesday, January 14th. Finally, TD Cowen boosted their target price on Helmerich & Payne from $35.00 to $38.00 and gave the stock a "hold" rating in a report on Monday, February 9th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Helmerich & Payne has a consensus rating of "Hold" and a consensus target price of $39.10.

Helmerich & Payne Stock Up 2.7%

Helmerich & Payne stock opened at $37.89 on Friday. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -10.00 and a beta of 0.62. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.71 and a quick ratio of 1.58. Helmerich & Payne, Inc. has a fifty-two week low of $14.65 and a fifty-two week high of $41.68. The firm has a fifty day moving average price of $35.92 and a two-hundred day moving average price of $31.99.

Helmerich & Payne (NYSE:HP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.32). The business had revenue of $932.36 million during the quarter, compared to analyst estimates of $945.60 million. Helmerich & Payne had a negative net margin of 9.38% and a negative return on equity of 1.16%. The company's revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.01 earnings per share. As a group, analysts forecast that Helmerich & Payne, Inc. will post 0.11 earnings per share for the current year.

Helmerich & Payne Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, May 18th. This represents a $1.00 annualized dividend and a yield of 2.6%. Helmerich & Payne's dividend payout ratio is presently -31.35%.

Insider Transactions at Helmerich & Payne

In other Helmerich & Payne news, SVP Cara M. Hair sold 58,771 shares of the firm's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $36.62, for a total value of $2,152,194.02. Following the sale, the senior vice president owned 175,589 shares of the company's stock, valued at $6,430,069.18. This trade represents a 25.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 4.40% of the stock is owned by company insiders.

Helmerich & Payne Company Profile

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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