Helmerich & Payne (NYSE:HP) Issues Earnings Results, Misses Expectations By $0.20 EPS

Key Points

• Helmerich & Payne missed earnings expectations: The company reported a quarterly loss of $0.11 per share, $0.20 below analysts’ estimate, while revenue reached $1.03 billion and declined 0.6% year over year.
• Shares fell 3.4% to $33.32 following the results. Analysts maintain a consensus “Hold” rating, with an average price target of $39.80.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 3.0% yield, payable September 1 to shareholders of record on August 18.

Helmerich & Payne (NYSE:HP - Get Free Report) released its quarterly earnings results on Wednesday. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.20), FiscalAI reports. Helmerich & Payne had a negative return on equity of 1.16% and a negative net margin of 9.38%.The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $987.70 million. During the same period last year, the firm earned $0.22 EPS. The business's quarterly revenue was down .6% on a year-over-year basis.

Helmerich & Payne Stock Down 3.4%

HP stock traded down $1.17 during mid-day trading on Wednesday, hitting $33.32. 874,469 shares of the company were exchanged, compared to its average volume of 978,826. The company has a market capitalization of $3.33 billion, a PE ratio of -8.79 and a beta of 0.61. The company has a current ratio of 1.71, a quick ratio of 1.32 and a debt-to-equity ratio of 0.71. Helmerich & Payne has a twelve month low of $15.28 and a twelve month high of $41.82. The firm has a fifty day simple moving average of $34.99 and a 200 day simple moving average of $35.57.

Helmerich & Payne Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 18th. Helmerich & Payne's dividend payout ratio (DPR) is currently -26.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of Helmerich & Payne in a research report on Wednesday, June 24th. The Goldman Sachs Group lifted their target price on Helmerich & Payne from $35.00 to $41.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 3rd. Royal Bank Of Canada boosted their price target on Helmerich & Payne from $38.00 to $40.00 and gave the stock a "sector perform" rating in a research note on Friday, May 8th. Citigroup cut their price target on 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, Morgan Stanley reissued an "underweight" rating and issued a $36.00 price target on shares of Helmerich & Payne in a report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $39.80.

Institutional Investors Weigh In On Helmerich & Payne

A number of institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its stake in 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 worth $25,000 after purchasing an additional 1,582 shares in the last quarter. Parallel Advisors LLC raised its stake in Helmerich & Payne by 407.1% during the third quarter. Parallel Advisors LLC now owns 2,226 shares of the oil and gas company's stock valued at $49,000 after buying an additional 1,787 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Helmerich & Payne by 50.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,735 shares of the oil and gas company's stock worth $108,000 after buying an additional 1,248 shares during the last quarter. Advisory Services Network LLC bought a new position in Helmerich & Payne during the 3rd quarter worth approximately $118,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Helmerich & Payne by 454.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,909 shares of the oil and gas company's stock worth $120,000 after buying an additional 6,483 shares during the last quarter. Institutional investors and hedge funds own 96.05% of the company's stock.

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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