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

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on HP shares. Citigroup reaffirmed a "neutral" rating and issued a $17.00 price objective (down previously from $19.00) on shares of Helmerich & Payne in a research note on Thursday, June 26th. Susquehanna cut their price target on Helmerich & Payne from $24.00 to $23.00 and set a "positive" rating for the company in a report on Tuesday, July 1st. Barclays decreased their price objective on Helmerich & Payne from $20.00 to $17.00 and set an "equal weight" rating on the stock in a report on Friday, June 20th. TD Cowen lowered 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 price target on shares of 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 investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Helmerich & Payne has a consensus rating of "Hold" and an average target price of $26.09.

Helmerich & Payne Stock Down 4.2%

The business has a 50-day moving average price of $16.97 and a 200-day moving average price of $23.41. The stock has a market cap of $1.64 billion, a PE ratio of 7.51 and a beta of 0.82. The company has a current ratio of 1.68, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73.

Helmerich & Payne (NYSE:HP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The oil and gas company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.65 by ($0.63). Helmerich & Payne had a net margin of 7.15% and a return on equity of 8.25%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $961.03 million. During the same period in the previous year, the company earned $0.84 EPS. Helmerich & Payne's revenue was up 47.7% compared to the same quarter last year. As a group, analysts forecast that Helmerich & Payne, Inc. will post 2.93 earnings per share for the current year.

Helmerich & Payne Announces Dividend

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 issued a $0.25 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 6.08%. Helmerich & Payne's dividend payout ratio is presently 45.66%.

Hedge Funds Weigh In On Helmerich & Payne

Several institutional investors and hedge funds have recently bought and sold shares of HP. Raymond James Financial Inc. purchased a new stake in shares of Helmerich & Payne in the 4th quarter valued at approximately $2,788,000. Principal Financial Group Inc. increased its holdings in Helmerich & Payne by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 494,813 shares of the oil and gas company's stock valued at $12,925,000 after purchasing an additional 15,990 shares during the last quarter. Magnetar Financial LLC raised its position in Helmerich & Payne by 389.3% in the fourth quarter. Magnetar Financial LLC now owns 38,754 shares of the oil and gas company's stock valued at $1,241,000 after purchasing an additional 30,833 shares during the period. ExodusPoint Capital Management LP acquired a new position in Helmerich & Payne during the fourth quarter worth $10,931,000. Finally, Grace & White Inc. NY boosted its position in shares of Helmerich & Payne by 40.8% during the first quarter. Grace & White Inc. NY now owns 113,342 shares of the oil and gas company's stock worth $2,960,000 after buying an additional 32,856 shares during the period. 96.05% of the stock is currently owned by institutional investors and hedge funds.

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.

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