Renaissance Technologies LLC Sells 90,000 Shares of Helmerich & Payne, Inc. $HP

Key Points

• Renaissance Technologies reduced its Helmerich & Payne stake by 19.1%, selling 90,000 shares during the first quarter and retaining 381,100 shares valued at approximately $13.7 million.
• Helmerich & Payne reported a quarterly loss of $0.38 per share, missing estimates by $0.32, while revenue fell 8.2% year over year to $932.36 million.
• The company declared a quarterly dividend of $0.25 per share, equal to an annualized $1.00 and a 2.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $39.80.

Renaissance Technologies LLC cut its holdings in Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 19.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 381,100 shares of the oil and gas company's stock after selling 90,000 shares during the period. Renaissance Technologies LLC owned about 0.38% of Helmerich & Payne worth $13,731,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HP. Royal Bank of Canada boosted its holdings in Helmerich & Payne by 4.4% during the first quarter. Royal Bank of Canada now owns 104,180 shares of the oil and gas company's stock worth $2,721,000 after purchasing an additional 4,394 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Helmerich & Payne by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,630 shares of the oil and gas company's stock valued at $1,531,000 after buying an additional 3,611 shares during the last quarter. NewEdge Advisors LLC increased its stake in Helmerich & Payne by 39,685.1% in the 1st quarter. NewEdge Advisors LLC now owns 34,613 shares of the oil and gas company's stock valued at $904,000 after buying an additional 34,526 shares during the last quarter. Empowered Funds LLC lifted its position in Helmerich & Payne by 9.9% during the 1st quarter. Empowered Funds LLC now owns 9,459 shares of the oil and gas company's stock worth $247,000 after buying an additional 852 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Helmerich & Payne by 34.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,445 shares of the oil and gas company's stock worth $5,575,000 after buying an additional 54,758 shares in the last quarter. 96.05% of the stock is currently owned by institutional investors and hedge funds.

Helmerich & Payne Stock Performance

Shares of HP stock opened at $34.52 on Friday. The stock has a market cap of $3.45 billion, a P/E ratio of -9.11 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.71 and a quick ratio of 1.32. The company has a fifty day moving average price of $35.33 and a two-hundred day moving average price of $35.49. Helmerich & Payne, Inc. has a one year low of $15.17 and a one year high of $41.82.

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

Helmerich & Payne Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued 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 2.9%. Helmerich & Payne's dividend payout ratio (DPR) is presently -26.39%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HP. Weiss Ratings restated a "sell (d+)" rating on shares of Helmerich & Payne in a research note on Wednesday, June 24th. Citigroup lowered their target price on Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, June 29th. Barclays upped their target price on Helmerich & Payne from $39.00 to $47.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Royal Bank Of Canada increased their price target on Helmerich & Payne from $38.00 to $40.00 and gave the company a "sector perform" rating in a research report on Friday, May 8th. Finally, Morgan Stanley restated an "underweight" rating and issued a $36.00 price target on shares of Helmerich & Payne in a research note on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Helmerich & Payne has a consensus rating of "Hold" and a consensus target price of $39.80.

Helmerich & Payne 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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