Empowered Funds LLC Invests $14.70 Million in Helmerich & Payne, Inc. $HP

Key Points

• Empowered Funds LLC acquired 448,947 Helmerich & Payne shares worth approximately $14.7 million, while institutional investors collectively own 96.05% of the company.
• Helmerich & Payne reported a quarterly loss of $0.11 per share, missing estimates by $0.20, although revenue of $1.03 billion exceeded expectations. Analysts maintain a consensus “Hold” rating with an average price target of $41.
• Insiders sold 110,673 shares worth roughly $4.86 million during the past quarter, while the company declared a quarterly dividend of $0.25 per share, implying a 2.4% annual yield.

Empowered Funds LLC bought a new position in Helmerich & Payne, Inc. (NYSE:HP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 448,947 shares of the oil and gas company's stock, valued at approximately $14,699,000. Empowered Funds LLC owned about 0.45% of Helmerich & Payne as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Helmerich & Payne during the 2nd quarter valued at $513,336,000. Bank of America Corp DE bought a new stake in shares of Helmerich & Payne in the second quarter worth $43,370,000. Balyasny Asset Management L.P. increased its position in Helmerich & Payne by 174.1% during the second quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company's stock valued at $30,993,000 after acquiring an additional 1,298,510 shares during the last quarter. Encompass Capital Advisors LLC increased its position in Helmerich & Payne by 165.1% during the fourth quarter. Encompass Capital Advisors LLC now owns 2,081,644 shares of the oil and gas company's stock valued at $59,702,000 after acquiring an additional 1,296,537 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Helmerich & Payne in the second quarter valued at about $30,606,000. Institutional investors own 96.05% of the company's stock.

Insider Buying and Selling

In other news, CAO Sara Marie Momper sold 5,054 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $44.28, for a total transaction of $223,791.12. Following the transaction, the chief accounting officer directly owned 16,958 shares in the company, valued at approximately $750,900.24. This trade represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hans Helmerich sold 94,470 shares of Helmerich & Payne stock in a transaction on 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 completion of the transaction, the director owned 20,000 shares in the company, valued at $878,000. This represents a 82.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 110,673 shares of company stock valued at $4,864,590 over the last quarter. 4.40% of the stock is owned by corporate insiders.

Helmerich & Payne Trading Up 0.2%

HP opened at $42.51 on Friday. The stock has a 50-day moving average of $36.51 and a 200 day moving average of $36.59. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 0.69. Helmerich & Payne, Inc. has a 12 month low of $19.50 and a 12 month high of $45.00. The firm has a market cap of $4.25 billion, a P/E ratio of -30.15 and a beta of 0.61.

Helmerich & Payne (NYSE:HP - Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.20). The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $987.70 million. Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.35%. The company's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 EPS. As a group, research analysts forecast that Helmerich & Payne, Inc. will post -0.16 EPS for the current year.

Helmerich & Payne Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.00 annualized dividend and a yield of 2.4%. Helmerich & Payne's dividend payout ratio is -70.92%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Helmerich & Payne from $35.00 to $41.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 3rd. Royal Bank Of Canada raised their target price on Helmerich & Payne from $38.00 to $40.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. Susquehanna increased their target price on shares of Helmerich & Payne from $40.00 to $44.00 and gave the stock a "positive" rating in a report on Friday, August 7th. Morgan Stanley lifted their target price on shares of Helmerich & Payne from $36.00 to $41.00 and gave the company an "underweight" rating in a research note on Thursday, August 20th. Finally, Weiss Ratings lowered Helmerich & Payne from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Helmerich & Payne presently has a consensus rating of "Hold" and an average target price of $41.00.

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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