Helmerich & Payne (NYSE:HP) Reaches New 52-Week High - Here's Why

Key Points

• Helmerich & Payne shares reached a new 52-week high of $44.72, above the prior close of $44.20. Despite the rally, analysts maintain a consensus “Hold” rating with an average price target of $40.50.
• The company’s latest quarterly results were mixed: revenue of $1.03 billion exceeded estimates, but adjusted EPS of negative $0.11 missed expectations of positive $0.09. Revenue also declined 0.6% year over year.
• Helmerich & Payne declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 2.3% yield; institutional investors own approximately 96.05% of the stock.

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $44.72 and last traded at $44.4140, with a volume of 130242 shares trading hands. The stock had previously closed at $44.20.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. The Goldman Sachs Group boosted their price objective on Helmerich & Payne from $35.00 to $41.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Citigroup lowered their price target on shares of Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, June 29th. Piper Sandler raised their target price on Helmerich & Payne from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Barclays upped their price target on shares of Helmerich & Payne from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. Finally, Wall Street Zen upgraded Helmerich & Payne from a "sell" rating to a "hold" rating in a report on Saturday. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $40.50.

Helmerich & Payne Stock Down 0.0%

The firm has a market cap of $4.42 billion, a PE ratio of -31.36 and a beta of 0.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.55. The business has a fifty day moving average price of $35.36 and a two-hundred day moving average price of $36.00.

Helmerich & Payne (NYSE:HP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.20). The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $987.70 million. Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%.The company's revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 earnings per share. On average, analysts anticipate that Helmerich & Payne, Inc. will post -0.12 EPS for the current fiscal year.

Helmerich & Payne Dividend Announcement

The business 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. This represents a $1.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, August 18th. Helmerich & Payne's dividend payout ratio (DPR) is currently -70.92%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Leonteq Securities AG acquired a new stake in shares of Helmerich & Payne during the 4th quarter valued at $26,000. EverSource Wealth Advisors LLC increased its stake 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 worth $25,000 after acquiring an additional 1,582 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of 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 worth $49,000 after acquiring an additional 1,787 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Helmerich & Payne by 24.3% during the fourth quarter. Hantz Financial Services Inc. now owns 2,276 shares of the oil and gas company's stock worth $65,000 after acquiring an additional 445 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Helmerich & Payne during the first quarter valued at $101,000. Institutional investors and hedge funds 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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