Helmerich & Payne (NYSE:HP) Shares Gap Up - Here's Why

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $17.99, but opened at $18.66. Helmerich & Payne shares last traded at $18.56, with a volume of 469,255 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have commented on HP shares. Citigroup reiterated a "neutral" rating and issued a $19.00 price target (down from $25.00) on shares of Helmerich & Payne in a research note on Monday, May 19th. Morgan Stanley decreased their price objective on shares of Helmerich & Payne from $27.00 to $20.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. JPMorgan Chase & Co. dropped their target price on shares of Helmerich & Payne from $25.00 to $17.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Barclays cut their price target on shares of Helmerich & Payne from $24.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 14th. Finally, The Goldman Sachs Group lowered their price objective on shares of Helmerich & Payne from $32.00 to $25.00 and set a "sell" rating for the company in a research note on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $27.73.

Helmerich & Payne Trading Up 1.7%

The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 6.02, a P/E/G ratio of 3.52 and a beta of 0.83. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.81 and a quick ratio of 2.52. The business's 50 day moving average is $18.28 and its 200 day moving average is $25.81.

Helmerich & Payne (NYSE:HP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.65 by ($0.63). Helmerich & Payne had a net margin of 11.02% and a return on equity of 11.31%. The firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $961.03 million. During the same quarter in the prior year, the firm posted $0.84 EPS. Helmerich & Payne's quarterly revenue was up 47.7% compared to the same quarter last year. As a group, equities analysts expect that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 5.47%. The ex-dividend date is Friday, August 15th. Helmerich & Payne's dividend payout ratio (DPR) is presently 45.66%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new position in Helmerich & Payne during the 4th quarter worth approximately $276,000. Allspring Global Investments Holdings LLC grew its holdings in Helmerich & Payne by 8.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 371,369 shares of the oil and gas company's stock worth $12,204,000 after acquiring an additional 30,426 shares during the period. Van ECK Associates Corp grew its holdings in Helmerich & Payne by 27.7% during the fourth quarter. Van ECK Associates Corp now owns 1,522,144 shares of the oil and gas company's stock worth $48,739,000 after acquiring an additional 329,734 shares during the period. Rhumbline Advisers raised its position in Helmerich & Payne by 0.5% in the fourth quarter. Rhumbline Advisers now owns 307,272 shares of the oil and gas company's stock worth $9,839,000 after acquiring an additional 1,611 shares in the last quarter. Finally, Monument Capital Management acquired a new stake in Helmerich & Payne in the fourth quarter valued at $300,000. 96.05% of the stock is owned by hedge funds and other institutional investors.

About Helmerich & Payne

Founded in 1920, Helmerich & Payne, Inc (H&P) NYSE: HP is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders.