Helmerich & Payne (NYSE:HP) Hits New 12-Month High - Here's Why

Key Points

• Helmerich & Payne shares hit a new 52-week high of $45.45, trading well above their previous close of $43.58.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a consensus price target of $41.00; recent ratings included a downgrade from Weiss Ratings and target changes from several major firms.
• The company reported a quarterly EPS loss of $0.11, missing expectations by $0.20, while revenue reached $1.03 billion. HP also declared a $0.25 quarterly dividend, but insiders sold more than 110,000 shares worth approximately $4.86 million over the past three months.

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $45.45 and last traded at $45.24, with a volume of 383975 shares trading hands. The stock had previously closed at $43.58.

Analysts Set New Price Targets

HP has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Helmerich & Payne from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday. Citigroup reduced their price target on Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, June 29th. Royal Bank Of Canada increased their price objective on Helmerich & Payne from $38.00 to $40.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. The Goldman Sachs Group lifted their price objective on Helmerich & Payne from $35.00 to $41.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 3rd. Finally, Wall Street Zen upgraded Helmerich & Payne from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $41.00.

Helmerich & Payne Price Performance

The firm's fifty day simple moving average is $36.67 and its 200 day simple moving average is $36.66. The firm has a market cap of $4.59 billion, a P/E ratio of -32.51 and a beta of 0.61. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.55 and a current ratio of 1.96.

Helmerich & Payne (NYSE:HP - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.20). The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $987.70 million. Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.35%. The business's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 EPS. As a group, analysts forecast that Helmerich & Payne, Inc. will post -0.18 earnings per share for the current year.

Helmerich & Payne Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. Helmerich & Payne's payout ratio is -70.92%.

Insider Buying and Selling

In other Helmerich & Payne news, CAO Sara Marie Momper sold 5,054 shares of the company's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $44.28, for a total transaction of $223,791.12. Following the completion of the sale, the chief accounting officer owned 16,958 shares in the company, valued at $750,900.24. This represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hans Helmerich sold 94,470 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $43.90, for a total value of $4,147,233.00. Following the sale, the director directly owned 20,000 shares in the company, valued at $878,000. This trade represents a 82.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 110,673 shares of company stock valued at $4,864,590 over the last three months. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Helmerich & Payne

A number of hedge funds have recently made changes to their positions in HP. BlackRock Inc. acquired a new position in shares of Helmerich & Payne in the 2nd quarter valued at $513,336,000. California State Teachers Retirement System raised its stake in shares of Helmerich & Payne by 3,079.7% during the 2nd quarter. California State Teachers Retirement System now owns 3,722,669 shares of the oil and gas company's stock worth $113,704,000 after buying an additional 3,605,593 shares during the period. Bank of America Corp DE purchased a new position in shares of Helmerich & Payne during the 2nd quarter valued at approximately $43,370,000. Balyasny Asset Management L.P. lifted its holdings in Helmerich & Payne by 174.1% during the second quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company's stock valued at $30,993,000 after purchasing an additional 1,298,510 shares in the last quarter. Finally, Encompass Capital Advisors LLC lifted its stake in Helmerich & Payne by 165.1% in the 4th quarter. Encompass Capital Advisors LLC now owns 2,081,644 shares of the oil and gas company's stock valued at $59,702,000 after buying an additional 1,296,537 shares in the last quarter. 96.05% of the stock is currently owned by hedge funds and other institutional investors.

Helmerich & Payne Company Profile

Helmerich & Payne, Inc is a leading provider of contract drilling services to the oil and gas industry, specializing primarily in onshore drilling operations. The company designs, engineers and operates a fleet of advanced drilling rigs, including its proprietary FlexRigs, which are engineered for high efficiency, safety and rapid mobilization. Alongside core drilling services, Helmerich & Payne offers well intervention, workover and coiled tubing services, positioning itself as a comprehensive drilling solutions partner for exploration and production companies worldwide.

Founded in 1920 and headquartered in Tulsa, Oklahoma, Helmerich & Payne has grown through innovation and strategic expansion to serve diverse hydrocarbon basins.

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