Helmerich & Payne (NYSE:HP) Shares Down 5.1% - Here's What Happened

Shares of Helmerich & Payne, Inc. (NYSE:HP - Get Free Report) traded down 5.1% during trading on Wednesday . The company traded as low as $17.76 and last traded at $17.91. 733,684 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 1,672,891 shares. The stock had previously closed at $18.88.

Analysts Set New Price Targets

HP has been the topic of a number of analyst reports. The Goldman Sachs Group decreased their target price on shares of Helmerich & Payne from $32.00 to $25.00 and set a "sell" rating on the stock in a report on Thursday, April 10th. Morgan Stanley decreased their price target on shares of Helmerich & Payne from $27.00 to $20.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Barclays lowered their price objective on Helmerich & Payne from $24.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. TD Cowen reduced their target price on Helmerich & Payne from $28.00 to $26.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. decreased their target price on Helmerich & Payne from $25.00 to $17.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $27.73.

Helmerich & Payne Stock Down 0.8%

The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.52 and a current ratio of 2.81. The stock's 50 day moving average price is $18.34 and its 200-day moving average price is $26.04. The company has a market cap of $1.79 billion, a PE ratio of 5.91, a PEG ratio of 3.52 and a beta of 0.83.

Helmerich & Payne (NYSE:HP - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $961.03 million. Helmerich & Payne had a net margin of 11.02% and a return on equity of 11.31%. The business's quarterly revenue was up 47.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.84 earnings per share. On average, analysts predict that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current year.

Helmerich & Payne Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, August 15th. This represents a $1.00 annualized dividend and a yield of 5.57%. Helmerich & Payne's payout ratio is 45.66%.

Hedge Funds Weigh In On Helmerich & Payne

A number of large investors have recently bought and sold shares of the stock. Kestra Investment Management LLC bought a new stake in shares of Helmerich & Payne in the fourth quarter worth about $27,000. Versant Capital Management Inc increased its position in Helmerich & Payne by 104.2% during the 1st quarter. Versant Capital Management Inc now owns 1,699 shares of the oil and gas company's stock valued at $44,000 after buying an additional 867 shares in the last quarter. Covestor Ltd raised its stake in Helmerich & Payne by 61.3% during the fourth quarter. Covestor Ltd now owns 2,386 shares of the oil and gas company's stock valued at $76,000 after buying an additional 907 shares during the last quarter. Quarry LP purchased a new position in Helmerich & Payne during the first quarter valued at $81,000. Finally, GAMMA Investing LLC boosted its stake in Helmerich & Payne by 85.4% in the 1st quarter. GAMMA Investing LLC now owns 3,167 shares of the oil and gas company's stock worth $83,000 after purchasing an additional 1,459 shares in the last quarter. 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.