Helmerich & Payne (NYSE:HP) Shares Down 4.8% - Here's Why

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report)'s stock price dropped 4.8% on Monday . The company traded as low as $16.30 and last traded at $16.35. Approximately 1,039,267 shares traded hands during trading, a decline of 41% from the average daily volume of 1,767,285 shares. The stock had previously closed at $17.17.

Wall Street Analyst Weigh In

HP has been the subject of a number of research analyst reports. Susquehanna reduced their price objective on shares of Helmerich & Payne from $24.00 to $23.00 and set a "positive" rating for the company in a research report on Tuesday, July 1st. The Goldman Sachs Group reduced their price objective on shares of Helmerich & Payne from $25.00 to $17.00 and set a "sell" rating for the company in a research report on Tuesday, June 24th. Citigroup restated a "neutral" rating and set a $17.00 price objective (down from $19.00) on shares of Helmerich & Payne in a research report on Thursday, June 26th. JPMorgan Chase & Co. reduced their price objective on shares of Helmerich & Payne from $25.00 to $17.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Piper Sandler started coverage on shares of Helmerich & Payne in a research report on Monday. They issued a "neutral" rating and a $20.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $23.10.

Helmerich & Payne Trading Up 2.6%

The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 7.30 and a beta of 0.82. The company's 50-day moving average is $16.72 and its 200-day moving average is $23.10. The company has a quick ratio of 1.32, a current ratio of 1.68 and a debt-to-equity ratio of 0.73.

Helmerich & Payne (NYSE:HP - Get Free Report) last released 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). Helmerich & Payne had a return on equity of 8.25% and a net margin of 7.15%. The firm 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 business posted $0.84 earnings per share. Helmerich & Payne's revenue for the quarter was up 47.7% on a year-over-year basis. Research analysts anticipate that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current fiscal year.

Helmerich & Payne Dividend Announcement

The company also recently disclosed 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. This represents a $1.00 annualized dividend and a yield of 6.25%. The ex-dividend date is Friday, August 15th. Helmerich & Payne's payout ratio is currently 45.66%.

Institutional Investors Weigh In On Helmerich & Payne

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its stake in Helmerich & Payne by 104.2% during the first quarter. Versant Capital Management Inc now owns 1,699 shares of the oil and gas company's stock worth $44,000 after buying an additional 867 shares during the period. Covestor Ltd boosted 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 worth $76,000 after buying an additional 907 shares during the period. Sterling Capital Management LLC boosted its stake in Helmerich & Payne by 817.5% during the fourth quarter. Sterling Capital Management LLC now owns 3,046 shares of the oil and gas company's stock worth $98,000 after buying an additional 2,714 shares during the period. Quarry LP purchased a new position in Helmerich & Payne during the first quarter worth about $81,000. Finally, GAMMA Investing LLC boosted its stake in Helmerich & Payne by 85.4% during the first quarter. GAMMA Investing LLC now owns 3,167 shares of the oil and gas company's stock worth $83,000 after buying an additional 1,459 shares during the period. 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.