Helmerich & Payne, Inc. $HP Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors cut its Helmerich & Payne stake by 40% in the first quarter, selling 62,814 shares and retaining 94,227 shares worth approximately $3.4 million. Institutional investors and hedge funds collectively own 96.05% of HP.
• Analyst sentiment is mixed, with five Buy, five Hold, and two Sell ratings. The stock has an average rating of Hold and an average price target of $39.80.
• Helmerich & Payne reported a quarterly loss of $0.11 per share, missing estimates by $0.20, while revenue of $1.03 billion exceeded forecasts. The company also declared a quarterly dividend of $0.25 per share, equivalent to a 2.7% yield.

First Trust Advisors LP lowered its position in shares of Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 40.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,227 shares of the oil and gas company's stock after selling 62,814 shares during the period. First Trust Advisors LP owned approximately 0.09% of Helmerich & Payne worth $3,395,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in HP. CacheTech Inc. acquired a new stake in Helmerich & Payne during the 1st quarter valued at $213,000. Cadence Wealth Management LLC grew its stake in shares of Helmerich & Payne by 3.2% during the first quarter. Cadence Wealth Management LLC now owns 40,589 shares of the oil and gas company's stock valued at $1,462,000 after acquiring an additional 1,247 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Helmerich & Payne by 11.0% in the first quarter. Dimensional Fund Advisors LP now owns 5,735,765 shares of the oil and gas company's stock worth $206,660,000 after acquiring an additional 570,500 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Helmerich & Payne by 3.9% in the first quarter. Illinois Municipal Retirement Fund now owns 51,407 shares of the oil and gas company's stock valued at $1,852,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Avantax Planning Partners Inc. acquired a new position in shares of Helmerich & Payne in the 1st quarter valued at approximately $210,000. 96.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on HP shares. Royal Bank Of Canada increased their target price on Helmerich & Payne from $38.00 to $40.00 and gave the company a "sector perform" rating in a research note on Friday, May 8th. Weiss Ratings restated a "sell (d+)" rating on shares of Helmerich & Payne in a research note on Wednesday, June 24th. Piper Sandler upped their price target on shares of Helmerich & Payne from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Citigroup reduced their price objective on shares of Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, June 29th. Finally, Barclays raised their price objective on shares of Helmerich & Payne from $39.00 to $47.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $39.80.

Helmerich & Payne Trading Up 11.4%

Shares of HP stock opened at $37.07 on Friday. Helmerich & Payne, Inc. has a 1 year low of $15.51 and a 1 year high of $41.82. The firm has a market capitalization of $3.70 billion, a PE ratio of -26.29 and a beta of 0.61. The stock has a fifty day moving average of $34.97 and a two-hundred day moving average of $35.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.32 and a current ratio of 1.71.

Helmerich & Payne (NYSE:HP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.20). Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.34%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $987.70 million. During the same period last year, the business posted $0.22 earnings per share. Helmerich & Payne's revenue for the quarter was down .6% on a year-over-year basis. As a group, research analysts expect that Helmerich & Payne, Inc. will post -0.11 EPS for the current year.

Helmerich & Payne Dividend Announcement

The business also recently announced 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 of this dividend is Tuesday, August 18th. This represents a $1.00 annualized dividend and a yield of 2.7%. Helmerich & Payne's dividend payout ratio (DPR) is presently -70.92%.

About Helmerich & Payne

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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