Helmerich & Payne (NYSE:HP) Sets New 52-Week High Following Analyst Upgrade

Key Points

• Helmerich & Payne shares reached a new 52-week high after Barclays raised its price target from $47 to $50 and maintained an overweight rating. The stock rose to $41.88, well above its prior close of $37.10.
• Analyst views remain mixed: five analysts rate the stock a Buy, five a Hold and two a Sell, producing a consensus Hold rating and an average price target of $40.50.
• Institutional ownership is substantial at 96.05%, while the company reported a quarterly EPS loss of $0.11 despite revenue of $1.03 billion. Helmerich & Payne also declared a $0.25 quarterly dividend, implying a 2.4% annual yield.

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday after Barclays raised their price target on the stock from $47.00 to $50.00. Barclays currently has an overweight rating on the stock. Helmerich & Payne traded as high as $41.88 and last traded at $41.7340, with a volume of 1562470 shares trading hands. The stock had previously closed at $37.10.

Other research analysts have also recently issued reports about the company. Royal Bank Of Canada raised their price objective 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. Weiss Ratings reiterated a "sell (d+)" rating on shares of Helmerich & Payne in a research report on Wednesday, June 24th. Piper Sandler increased their price target on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. The Goldman Sachs Group raised their price target on shares of Helmerich & Payne from $35.00 to $41.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley reaffirmed an "underweight" rating and issued a $36.00 price objective 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 issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $40.50.

Hedge Funds Weigh In On Helmerich & Payne

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Helmerich & Payne in the second quarter valued at approximately $513,336,000. Balyasny Asset Management L.P. increased its position in shares of Helmerich & Payne by 174.1% during the second quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company's stock worth $30,993,000 after purchasing an additional 1,298,510 shares in the last quarter. Encompass Capital Advisors LLC increased its position in shares of 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 purchasing an additional 1,296,537 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Helmerich & Payne in the 2nd quarter valued at $30,606,000. Finally, Ameriprise Financial Inc. raised its stake in Helmerich & Payne by 316.9% in 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 last quarter. Hedge funds and other institutional investors own 96.05% of the company's stock.

Helmerich & Payne Stock Up 12.4%

The business has a fifty day simple moving average of $34.96 and a two-hundred day simple moving average of $35.64. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 0.69. The company has a market cap of $4.17 billion, a PE ratio of -29.59 and a beta of 0.61.

Helmerich & Payne (NYSE:HP - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share (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 analysts' expectations of $987.70 million. Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%.Helmerich & Payne's quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 EPS. As a group, equities research analysts predict that Helmerich & Payne, Inc. will post -0.11 earnings per share for the current year.

Helmerich & Payne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 18th. Helmerich & Payne's dividend payout ratio is currently -70.92%.

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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