Helmerich & Payne (NYSE:HP) Sets New 52-Week High - Still a Buy?

Key Points

• Helmerich & Payne hit a new 52-week high, trading as high as $41.68 after previously closing at $39.50, reflecting recent momentum in the stock.
• Analysts remain split on the company: the consensus rating is Hold with an average target price of $39.70, even as several firms raised price targets and a few issued bullish ratings.
• The company posted a weaker-than-expected quarterly result, missing EPS estimates and reporting an 8.2% year-over-year revenue decline, though it also announced a $0.25 quarterly dividend payable on June 1.

Shares of Helmerich & Payne, Inc. (NYSE:HP - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $41.68 and last traded at $41.5050, with a volume of 661044 shares changing hands. The stock had previously closed at $39.50.

Wall Street Analysts Forecast Growth

HP has been the topic of several recent analyst reports. Royal Bank Of Canada lifted their target price on shares of Helmerich & Payne from $38.00 to $40.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. TD Cowen lifted their target price on shares of Helmerich & Payne from $35.00 to $38.00 and gave the stock a "hold" rating in a report on Monday, February 9th. Piper Sandler lifted their target price on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday. Susquehanna lifted their target price on shares of Helmerich & Payne from $42.00 to $43.00 and gave the stock a "positive" rating in a report on Friday, May 8th. Finally, Morgan Stanley lifted their price target on Helmerich & Payne from $35.00 to $39.00 and gave the stock an "underweight" rating in a research report on Thursday. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $39.70.

Helmerich & Payne Stock Performance

The firm's fifty day moving average price is $36.42 and its 200-day moving average price is $32.59. The company has a current ratio of 1.71, a quick ratio of 1.32 and a debt-to-equity ratio of 0.71. The company has a market cap of $4.13 billion, a P/E ratio of -10.91 and a beta of 0.62.

Helmerich & Payne (NYSE:HP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.32). Helmerich & Payne had a negative return on equity of 1.16% and a negative net margin of 9.38%.The company had revenue of $932.36 million for the quarter, compared to the consensus estimate of $945.60 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The business's revenue for the quarter was down 8.2% compared to the same quarter last year. As a group, research analysts forecast that Helmerich & Payne, Inc. will post 0.07 EPS for the current fiscal year.

Helmerich & Payne Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, May 18th. This represents a $1.00 annualized dividend and a dividend yield of 2.4%. Helmerich & Payne's payout ratio is presently -26.39%.

Insider Activity

In other news, SVP Cara M. Hair sold 58,771 shares of the business's stock in a transaction that occurred on 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 sale, the senior vice president directly owned 175,589 shares in the company, valued at approximately $6,430,069.18. The trade was a 25.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.40% of the company's stock.

Institutional Trading of Helmerich & Payne

A number of institutional investors and hedge funds have recently modified their holdings of HP. Royal Bank of Canada increased its stake in Helmerich & Payne by 4.4% in the first quarter. Royal Bank of Canada now owns 104,180 shares of the oil and gas company's stock valued at $2,721,000 after acquiring an additional 4,394 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Helmerich & Payne by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,630 shares of the oil and gas company's stock valued at $1,531,000 after acquiring an additional 3,611 shares during the period. NewEdge Advisors LLC increased its stake in Helmerich & Payne by 39,685.1% in the first quarter. NewEdge Advisors LLC now owns 34,613 shares of the oil and gas company's stock valued at $904,000 after acquiring an additional 34,526 shares during the period. Empowered Funds LLC increased its stake in Helmerich & Payne by 9.9% in the first quarter. Empowered Funds LLC now owns 9,459 shares of the oil and gas company's stock valued at $247,000 after acquiring an additional 852 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Helmerich & Payne by 34.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,445 shares of the oil and gas company's stock valued at $5,575,000 after acquiring an additional 54,758 shares during the period. 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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