Helmerich & Payne (NYSE:HP) Sets New 12-Month High - Time to Buy?

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $41.68 and last traded at $41.5660, with a volume of 1242821 shares changing hands. The stock had previously closed at $40.65.

Analysts Set New Price Targets

Several brokerages have commented on HP. Evercore raised Helmerich & Payne from an "in-line" rating to an "outperform" rating and set a $43.00 price objective for the company in a research report on Friday, March 20th. Royal Bank Of Canada lifted their price target on Helmerich & Payne from $34.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Friday, February 6th. Piper Sandler lifted their price target on Helmerich & Payne from $40.00 to $41.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 15th. Susquehanna lifted their price target on Helmerich & Payne from $40.00 to $42.00 and gave the stock a "positive" rating in a research report on Tuesday, April 7th. Finally, Barclays lifted their price target on Helmerich & Payne from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 10th. Five 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 company presently has an average rating of "Hold" and a consensus price target of $37.80.

Helmerich & Payne Price Performance

The firm has a fifty day moving average of $35.78 and a 200 day moving average of $31.77. The company has a market capitalization of $4.15 billion, a P/E ratio of -13.03 and a beta of 0.62. The company has a current ratio of 2.03, a quick ratio of 1.58 and a debt-to-equity ratio of 0.75.

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) 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 during the quarter, compared to the consensus estimate of $990.16 million. During the same quarter in the previous year, the business posted $0.71 earnings per share. Helmerich & Payne's quarterly revenue was up 50.2% compared to the same quarter last year. On average, equities research analysts anticipate that Helmerich & Payne, Inc. will post 0.12 EPS for the current year.

Helmerich & Payne Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, May 18th. Helmerich & Payne's payout ratio is currently -31.35%.

Insider Activity

In other Helmerich & Payne 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 transaction of $2,152,194.02. Following the completion of the sale, the senior vice president directly owned 175,589 shares in the company, valued at $6,430,069.18. The trade was a 25.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Helmerich & Payne

A number of large investors have recently made changes to their positions in HP. Balyasny Asset Management L.P. grew its stake 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 during the period. Encompass Capital Advisors LLC grew its stake in shares of Helmerich & Payne by 165.1% during the 4th quarter. Encompass Capital Advisors LLC now owns 2,081,644 shares of the oil and gas company's stock valued at $59,702,000 after purchasing an additional 1,296,537 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Helmerich & Payne by 316.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,218,057 shares of the oil and gas company's stock valued at $26,907,000 after purchasing an additional 925,921 shares during the period. Canoe Financial LP bought a new stake in shares of Helmerich & Payne during the 1st quarter valued at about $33,130,000. Finally, Deprince Race & Zollo Inc. bought a new stake in shares of Helmerich & Payne during the 4th quarter valued at about $23,120,000. 96.05% of the stock is currently owned by institutional investors.

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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