Helmerich & Payne (NYSE:HP) Given New $20.00 Price Target at The Goldman Sachs Group

Key Points

• Goldman Sachs raised Helmerich & Payne's price target from $18.00 to $20.00, maintaining a "sell" rating, which indicates a potential downside of 15.77% from the stock's recent close.
• Helmerich & Payne reported a quarterly EPS of $0.22, exceeding analysts' expectations, with a significant 49.2% year-over-year revenue increase to $1.04 billion.
• Currently, the stock has a consensus rating of "Reduce" among analysts, with a mixed assessment including two Buy ratings, nine Hold ratings, and three Sell ratings.

Helmerich & Payne (NYSE:HP - Get Free Report) had its price target lifted by investment analysts at The Goldman Sachs Group from $18.00 to $20.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "sell" rating on the oil and gas company's stock. The Goldman Sachs Group's price objective would suggest a potential downside of 15.77% from the stock's previous close.

A number of other research firms have also weighed in on HP. Weiss Ratings restated a "sell (d+)" rating on shares of Helmerich & Payne in a research note on Saturday, September 27th. Zacks Research raised shares of Helmerich & Payne to a "hold" rating in a research report on Monday, August 11th. Royal Bank Of Canada lifted their price objective on shares of Helmerich & Payne from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th. TD Cowen raised their price target on Helmerich & Payne from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Tuesday, August 19th. Finally, Piper Sandler upped their price objective on Helmerich & Payne from $20.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $23.30.

Helmerich & Payne Trading Up 3.0%

HP traded up $0.69 during trading hours on Monday, reaching $23.74. The company's stock had a trading volume of 673,596 shares, compared to its average volume of 1,963,848. The business's 50-day moving average is $19.51 and its 200-day moving average is $18.86. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.43. The stock has a market cap of $2.36 billion, a PE ratio of -71.95 and a beta of 0.91. Helmerich & Payne has a fifty-two week low of $14.65 and a fifty-two week high of $37.46.

Helmerich & Payne (NYSE:HP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1 billion. Helmerich & Payne had a positive return on equity of 5.81% and a negative net margin of 0.90%.The firm's quarterly revenue was up 49.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.92 earnings per share. As a group, equities research analysts predict that Helmerich & Payne will post 2.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Helmerich & Payne

Several institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Helmerich & Payne by 2,433.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,647 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 1,582 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Helmerich & Payne by 29.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,092 shares of the oil and gas company's stock worth $62,000 after buying an additional 925 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Helmerich & Payne in the 2nd quarter valued at approximately $64,000. SBI Securities Co. Ltd. grew its holdings in Helmerich & Payne by 27.4% during the second quarter. SBI Securities Co. Ltd. now owns 4,940 shares of the oil and gas company's stock worth $75,000 after acquiring an additional 1,063 shares during the period. Finally, Quarry LP purchased a new position in Helmerich & Payne in the first quarter worth $81,000. 96.05% of the stock is owned by institutional investors and hedge funds.

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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