Helmerich & Payne, Inc. $HP Holdings Boosted by Bank of America Corp DE

Key Points

• Bank of America more than doubled its Helmerich & Payne stake in the first quarter, acquiring 874,823 additional shares and bringing its ownership to 1.68%, valued at approximately $60.4 million. Institutional investors collectively own 96.05% of the company.
• Analyst sentiment remains mixed: Barclays and Piper Sandler raised their price targets and maintained overweight ratings, while Citigroup cut its target and Weiss Ratings reiterated a sell rating. The overall consensus is “Hold,” with a $40.50 price target.
• HP shares recently traded up 12.3% to $41.66, near their 52-week high, despite the company reporting an adjusted quarterly loss of $0.11 per share versus expectations for $0.09 in earnings. Helmerich & Payne declared a quarterly dividend of $0.25 per share, equivalent to a 2.4% annual yield.

Bank of America Corp DE raised its position in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 109.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,676,169 shares of the oil and gas company's stock after purchasing an additional 874,823 shares during the quarter. Bank of America Corp DE owned 1.68% of Helmerich & Payne worth $60,392,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Aventail Capital Group LP acquired a new position in shares of Helmerich & Payne in the fourth quarter worth $5,464,000. UBS Group AG raised its holdings in shares of Helmerich & Payne by 17.5% during the fourth quarter. UBS Group AG now owns 1,215,192 shares of the oil and gas company's stock worth $34,852,000 after acquiring an additional 180,638 shares in the last quarter. Corigliano Investment Advisers LLC acquired a new stake in Helmerich & Payne during the fourth quarter valued at $8,573,000. Dynamic Technology Lab Private Ltd acquired a new stake in Helmerich & Payne during the fourth quarter valued at $1,522,000. Finally, Deprince Race & Zollo Inc. purchased a new position in Helmerich & Payne in the fourth quarter valued at about $23,120,000. Hedge funds and other institutional investors own 96.05% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on HP shares. Barclays upped their target price on Helmerich & Payne from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday. Weiss Ratings reiterated a "sell (d+)" rating on shares of Helmerich & Payne in a report on Wednesday, June 24th. Citigroup decreased their target price on Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, June 29th. Piper Sandler raised their price target on Helmerich & Payne from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Finally, Royal Bank Of Canada raised their price objective on shares of Helmerich & Payne from $38.00 to $40.00 and gave the stock a "sector perform" rating in a research note on Friday, May 8th. 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, the company has an average rating of "Hold" and a consensus price target of $40.50.

Helmerich & Payne Trading Up 12.3%

Shares of HP stock opened at $41.66 on Tuesday. Helmerich & Payne, Inc. has a 52-week low of $17.30 and a 52-week high of $41.91. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of -29.55 and a beta of 0.61. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.55 and a current ratio of 1.96. The firm has a fifty day moving average of $35.01 and a 200-day moving average of $35.70.

Helmerich & Payne (NYSE:HP - Get Free Report) last issued 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 business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $987.70 million. Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.35%. Helmerich & Payne's revenue was down .6% on a year-over-year basis. During the same quarter last year, the firm posted $0.22 earnings per share. On average, equities research analysts forecast that Helmerich & Payne, Inc. will post -0.11 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 2.4%. Helmerich & Payne's dividend payout ratio (DPR) is currently -70.92%.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source