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

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

Wall Street Analyst Weigh In

HP has been the topic of a number of recent research reports. Susquehanna dropped their price objective on shares of Helmerich & Payne from $43.00 to $28.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Citigroup reiterated a "neutral" rating and set a $19.00 price objective (down from $25.00) on shares of Helmerich & Payne in a research note on Monday, May 19th. Barclays dropped their price objective 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. Wall Street Zen downgraded shares of Helmerich & Payne from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Morgan Stanley lowered their target price on shares of Helmerich & Payne from $27.00 to $20.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Three equities 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $27.73.

Helmerich & Payne Stock Up 1.7%

The company's 50 day moving average price is $18.28 and its 200 day moving average price is $25.75. The company has a quick ratio of 2.52, a current ratio of 2.81 and a debt-to-equity ratio of 0.60. The firm has a market capitalization 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.

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

Helmerich & Payne Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 5.47%. Helmerich & Payne's payout ratio is currently 45.66%.

Institutional Investors Weigh In On Helmerich & Payne

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Intech Investment Management LLC lifted its stake 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 worth $2,362,000 after buying an additional 21,958 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings 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 last quarter. Empowered Funds LLC raised its holdings 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 last quarter. Caxton Associates LLP purchased a new position in shares of Helmerich & Payne during the first quarter worth $665,000. Finally, Petrus Trust Company LTA purchased a new position in shares of Helmerich & Payne during the first quarter worth $468,000. 96.05% of the stock is currently owned by institutional investors and hedge funds.

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.