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

Shares of Helmerich & Payne, Inc. (NYSE:HP - Get Free Report) 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.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley reduced their price objective on Helmerich & Payne from $27.00 to $20.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. 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. TD Cowen lowered their price target on shares of Helmerich & Payne from $28.00 to $26.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Wall Street Zen cut Helmerich & Payne from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Helmerich & Payne from $25.00 to $17.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Helmerich & Payne presently has a consensus rating of "Hold" and an average price target of $27.73.

Helmerich & Payne Trading Down 1.4%

The firm has a market cap of $1.79 billion, a P/E ratio of 5.93, a P/E/G ratio of 3.52 and a beta of 0.83. The company has a current ratio of 2.81, a quick ratio of 2.52 and a debt-to-equity ratio of 0.60. The business's 50-day moving average is $18.28 and its two-hundred day moving average is $25.69.

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

Helmerich & Payne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.54%. The ex-dividend date of this dividend is Friday, August 15th. Helmerich & Payne's dividend payout ratio is presently 45.66%.

Institutional Investors Weigh In On Helmerich & Payne

A number of hedge funds have recently bought and sold shares of HP. Intech Investment Management LLC increased its position in shares of Helmerich & Payne by 32.1% during the first quarter. Intech Investment Management LLC now owns 90,428 shares of the oil and gas company's stock valued at $2,362,000 after purchasing an additional 21,958 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Helmerich & Payne by 34.5% during 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 worth $5,575,000 after purchasing an additional 54,758 shares during the period. Empowered Funds LLC raised its position in shares of Helmerich & Payne by 9.9% during the first quarter. Empowered Funds LLC now owns 9,459 shares of the oil and gas company's stock worth $247,000 after purchasing an additional 852 shares during the period. Caxton Associates LLP acquired a new position in Helmerich & Payne during the first quarter worth $665,000. Finally, Petrus Trust Company LTA acquired a new position in shares of Helmerich & Payne during the 1st quarter worth about $468,000. 96.05% of the stock is currently owned by institutional investors.

Helmerich & Payne Company Profile

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.