Hedges Asset Management LLC Makes New Investment in Helmerich & Payne, Inc. $HP

Key Points

• Hedges Asset Management LLC acquired a new position in Helmerich & Payne, Inc. by purchasing 16,000 shares, valued at approximately $243,000, during the second quarter.
• The company reported $1.04 billion in revenue for the recent quarter, a 49.2% increase year-over-year, and an EPS of $0.22, beating analysts' expectations.
• Helmerich & Payne declared a quarterly dividend of $0.25 per share, with a yield of 4.7%, to be paid on December 2nd, attracting interest from investors.

Hedges Asset Management LLC purchased a new position in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,000 shares of the oil and gas company's stock, valued at approximately $243,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its position in Helmerich & Payne by 104.2% during the first quarter. Versant Capital Management Inc now owns 1,699 shares of the oil and gas company's stock worth $44,000 after acquiring an additional 867 shares in the last quarter. Quarry LP bought a new position in shares of Helmerich & Payne in the first quarter valued at about $81,000. GAMMA Investing LLC raised its position in shares of Helmerich & Payne by 85.4% in the first quarter. GAMMA Investing LLC now owns 3,167 shares of the oil and gas company's stock valued at $83,000 after purchasing an additional 1,459 shares during the period. State of Wyoming raised its position in shares of Helmerich & Payne by 102.2% in the first quarter. State of Wyoming now owns 5,543 shares of the oil and gas company's stock valued at $145,000 after purchasing an additional 2,801 shares during the period. Finally, CWM LLC raised its position in shares of Helmerich & Payne by 37.8% in the first quarter. CWM LLC now owns 5,671 shares of the oil and gas company's stock valued at $148,000 after purchasing an additional 1,555 shares during the period. 96.05% of the stock is owned by institutional investors.

Helmerich & Payne Stock Up 1.0%

NYSE:HP opened at $21.11 on Friday. The firm's 50 day simple moving average is $17.85 and its 200 day simple moving average is $19.27. 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. The company has a market cap of $2.10 billion, a PE ratio of -63.97 and a beta of 0.95.

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

Helmerich & Payne Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 2nd. Shareholders of record on Tuesday, November 18th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, November 18th. This represents a $1.00 annualized dividend and a yield of 4.7%. Helmerich & Payne's dividend payout ratio (DPR) is presently -303.03%.

Insider Transactions at Helmerich & Payne

In other Helmerich & Payne news, CAO Sara Marie Momper sold 6,700 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $17.83, for a total transaction of $119,461.00. Following the completion of the transaction, the chief accounting officer owned 21,908 shares in the company, valued at approximately $390,619.64. This trade represents a 23.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.51% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on HP shares. Barclays dropped their price objective on shares of Helmerich & Payne from $20.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Friday, June 20th. Susquehanna dropped their price objective on shares of Helmerich & Payne from $24.00 to $23.00 and set a "positive" rating on the stock in a research report on Tuesday, July 1st. TD Cowen increased their price objective on shares of Helmerich & Payne from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Tuesday, August 19th. JPMorgan Chase & Co. reduced their price target on shares of Helmerich & Payne from $25.00 to $17.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Finally, Piper Sandler raised their price target on shares of Helmerich & Payne from $20.00 to $21.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $22.20.

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.

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