Van ECK Associates Corp Purchases 231,737 Shares of Helmerich & Payne, Inc. $HP

Key Points

• Van ECK Associates Corp increased its stake in Helmerich & Payne by 17.6%, buying 231,737 shares to hold 1,550,279 shares (~1.56% of the company) valued at about $34.25 million.
• Director Hans Helmerich sold 75,000 shares on Dec. 19, cutting his holding by 13.12% to 496,735 shares; company insiders now own 4.40% of the stock.
• Helmerich & Payne missed EPS expectations (reported -$0.15 vs. $0.12 est.) despite revenue rising 50.2% to $1.02 billion, and declared a $0.25 quarterly dividend (annualized yield ~2.9%).

Van ECK Associates Corp increased its position in Helmerich & Payne, Inc. (NYSE:HP - Free Report) by 17.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,550,279 shares of the oil and gas company's stock after purchasing an additional 231,737 shares during the quarter. Van ECK Associates Corp owned approximately 1.56% of Helmerich & Payne worth $34,246,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Allianz Asset Management GmbH lifted its position in Helmerich & Payne by 234.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 383,437 shares of the oil and gas company's stock worth $8,470,000 after acquiring an additional 268,882 shares during the period. Advisors Asset Management Inc. grew its position in shares of Helmerich & Payne by 61.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 117,958 shares of the oil and gas company's stock valued at $2,606,000 after acquiring an additional 44,906 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in Helmerich & Payne by 398.3% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,073 shares of the oil and gas company's stock worth $1,040,000 after purchasing an additional 37,626 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in Helmerich & Payne in the 2nd quarter valued at $174,000. Finally, Caxton Associates LLP increased its stake in shares of Helmerich & Payne by 666.7% during the second quarter. Caxton Associates LLP now owns 195,313 shares of the oil and gas company's stock worth $2,961,000 after purchasing an additional 169,839 shares in the last quarter. 96.05% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Hans Helmerich sold 75,000 shares of the stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $28.12, for a total transaction of $2,109,000.00. Following the transaction, the director owned 496,735 shares of the company's stock, valued at approximately $13,968,188.20. This trade represents a 13.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HP. Citigroup raised their price target on shares of Helmerich & Payne from $33.00 to $38.00 and gave the stock a "neutral" rating in a report on Wednesday, February 11th. Piper Sandler lifted their price target on shares of Helmerich & Payne from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday, February 9th. Barclays increased their price target on shares of Helmerich & Payne from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Tuesday, February 10th. Morgan Stanley reaffirmed an "underweight" rating and set a $28.00 price target on shares of Helmerich & Payne in a research report on Wednesday, January 21st. Finally, Evercore set a $37.00 price target on Helmerich & Payne in a report on Friday, February 6th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Helmerich & Payne presently has a consensus rating of "Hold" and a consensus target price of $36.20.

Helmerich & Payne Stock Down 0.6%

HP opened at $34.74 on Thursday. Helmerich & Payne, Inc. has a 1 year low of $14.65 and a 1 year high of $36.73. The firm has a 50 day moving average price of $33.41 and a 200 day moving average price of $27.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.58 and a current ratio of 2.03. The company has a market cap of $3.47 billion, a PE ratio of -10.89 and a beta of 0.54.

Helmerich & Payne (NYSE:HP - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.27). Helmerich & Payne had a positive return on equity of 0.28% and a negative net margin of 7.71%.The business had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $990.16 million. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Helmerich & Payne's quarterly revenue was up 50.2% compared to the same quarter last year. Sell-side analysts expect that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current year.

Helmerich & Payne Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, May 18th. Helmerich & Payne's payout ratio is -31.35%.

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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