Helmerich & Payne (NYSE:HP) Price Target Raised to $43.00 at Susquehanna

Key Points

• Susquehanna raised its price target on Helmerich & Payne to $43.00 (from $42.00) and maintains a "positive" rating, implying about a 16.7% upside from the prior close.
• The company missed quarterly expectations, reporting EPS of -$0.38 vs. -$0.06 expected and revenue of $932.4M (vs. $945.6M expected), with revenue down 8.2% YoY and the stock down roughly 7.5%.
• Despite several broker upgrades, the analyst consensus remains a "Hold" with an average target of $37.90; institutional investors own about 96% of the shares while insiders recently reduced positions through sales.

Helmerich & Payne (NYSE:HP - Get Free Report) had its price objective raised by equities researchers at Susquehanna from $42.00 to $43.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "positive" rating on the oil and gas company's stock. Susquehanna's price target would indicate a potential upside of 16.71% from the company's previous close.

A number of other brokerages have also issued reports on HP. Piper Sandler raised their target price on Helmerich & Payne from $40.00 to $41.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Evercore upgraded Helmerich & Payne from an "in-line" rating to an "outperform" rating and set a $43.00 price target on the stock in a research note on Friday, March 20th. Barclays increased their price objective on Helmerich & Payne from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Tuesday, February 10th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $32.00 target price on shares of Helmerich & Payne in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada increased their price target on shares of Helmerich & Payne from $34.00 to $36.00 and gave the stock a "sector perform" rating in a report on Friday, February 6th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $37.90.

Helmerich & Payne Stock Down 7.5%

NYSE:HP opened at $36.84 on Friday. The company has a market cap of $3.68 billion, a PE ratio of -9.72 and a beta of 0.62. Helmerich & Payne has a twelve month low of $14.65 and a twelve month high of $41.68. The company has a current ratio of 2.03, a quick ratio of 1.58 and a debt-to-equity ratio of 0.75. The company's 50 day moving average is $35.92 and its two-hundred day moving average is $31.99.

Helmerich & Payne (NYSE:HP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.32). Helmerich & Payne had a negative return on equity of 1.14% and a negative net margin of 9.38%.The company had revenue of $932.36 million during the quarter, compared to analysts' expectations of $945.60 million. During the same period in the prior year, the business posted $0.01 EPS. The company's quarterly revenue was down 8.2% on a year-over-year basis. Analysts anticipate that Helmerich & Payne will post 0.11 EPS for the current year.

Insider Activity

In other news, SVP Cara M. Hair sold 58,771 shares of the business's stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $36.62, for a total value of $2,152,194.02. Following the completion of the transaction, the senior vice president owned 175,589 shares of the company's stock, valued at $6,430,069.18. The trade was a 25.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Helmerich & Payne

Hedge funds have recently bought and sold shares of the stock. Balyasny Asset Management L.P. increased its holdings in shares of Helmerich & Payne by 174.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company's stock valued at $30,993,000 after purchasing an additional 1,298,510 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Helmerich & Payne by 165.1% during the fourth quarter. Encompass Capital Advisors LLC now owns 2,081,644 shares of the oil and gas company's stock worth $59,702,000 after buying an additional 1,296,537 shares in the last quarter. Ameriprise Financial Inc. grew its position in Helmerich & Payne by 316.9% during the third quarter. Ameriprise Financial Inc. now owns 1,218,057 shares of the oil and gas company's stock valued at $26,907,000 after buying an additional 925,921 shares during the period. Canoe Financial LP acquired a new stake in Helmerich & Payne during the first quarter valued at $33,130,000. Finally, Deprince Race & Zollo Inc. purchased a new position in Helmerich & Payne in the fourth quarter valued at $23,120,000. Hedge funds and other institutional investors own 96.05% of the company's stock.

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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