Helmerich & Payne (NYSE:HP) Stock Price Up 6.4% - Here's What Happened

Key Points

• Helmerich & Payne shares rose 6.4% to about $39.52 in Friday trading, although volume was 94% below the average session level.
• Analysts raised several price targets, with the consensus target reaching $44.36; however, the overall consensus rating remains Hold.
• The company reported a quarterly EPS loss of $0.11, missing estimates, while revenue of $1.03 billion exceeded expectations. H&P also declared a quarterly dividend of $0.25, implying a 2.6% annualized yield.

Shares of Helmerich & Payne, Inc. (NYSE:HP - Get Free Report) were up 6.4% during trading on Friday. The company traded as high as $39.47 and last traded at $39.5210. 85,687 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,346,120 shares. The stock had previously closed at $37.13.

Analyst Ratings Changes

Several equities analysts have commented on HP shares. Royal Bank Of Canada raised their target price on shares of Helmerich & Payne from $44.00 to $49.00 and gave the company a "sector perform" rating in a research note on Thursday, September 10th. Morgan Stanley raised their price objective on shares of Helmerich & Payne from $36.00 to $41.00 and gave the stock an "underweight" rating in a report on Thursday, August 20th. Citigroup raised their price target on Helmerich & Payne from $36.00 to $48.00 and gave the company a "neutral" rating in a report on Friday, September 4th. Barclays lifted their target price on Helmerich & Payne from $50.00 to $51.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Finally, Weiss Ratings upgraded shares of Helmerich & Payne from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $44.36.

Helmerich & Payne Stock Up 4.7%

The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 0.69. The stock has a market cap of $3.89 billion, a P/E ratio of -27.70, a PEG ratio of 0.94 and a beta of 0.69. The firm has a 50-day simple moving average of $41.24 and a two-hundred day simple moving average of $38.16.

Helmerich & Payne (NYSE:HP - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.20). Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.35%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $987.70 million. During the same period in the prior year, the business earned $0.22 earnings per share. Helmerich & Payne's quarterly revenue was down .6% compared to the same quarter last year. Equities research analysts expect that Helmerich & Payne, Inc. will post -0.17 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $1.00 annualized dividend and a yield of 2.6%. Helmerich & Payne's payout ratio is -70.92%.

Insider Buying and Selling at Helmerich & Payne

In related news, Director Hans Helmerich sold 94,470 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $43.90, for a total value of $4,147,233.00. Following the completion of the sale, the director directly owned 20,000 shares of the company's stock, valued at approximately $878,000. This represents a 82.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sara Momper sold 5,054 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $44.28, for a total transaction of $223,791.12. Following the transaction, the chief accounting officer owned 16,958 shares of the company's stock, valued at approximately $750,900.24. The trade was a 22.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 110,673 shares of company stock valued at $4,864,590. Corporate insiders own 4.40% of the company's stock.

Institutional Trading of Helmerich & Payne

A number of hedge funds have recently bought and sold shares of HP. Sterling Capital Management LLC raised its holdings in Helmerich & Payne by 61.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,358 shares of the oil and gas company's stock worth $88,000 after purchasing an additional 895 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Helmerich & Payne by 5.9% during the third quarter. Pinnacle Associates Ltd. now owns 229,258 shares of the oil and gas company's stock valued at $8,515,000 after buying an additional 12,761 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Helmerich & Payne by 7.6% in the third quarter. Nisa Investment Advisors LLC now owns 96,317 shares of the oil and gas company's stock worth $3,577,000 after acquiring an additional 6,768 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Helmerich & Payne in the third quarter worth about $711,000. Finally, GAMMA Investing LLC lifted its stake in shares of Helmerich & Payne by 17.9% in the third quarter. GAMMA Investing LLC now owns 6,158 shares of the oil and gas company's stock worth $229,000 after buying an additional 935 shares in the last quarter. Institutional investors own 96.05% of the company's stock.

Helmerich & Payne Company Profile

Helmerich & Payne, Inc is a contract drilling company that provides land-based and offshore drilling services to oil and gas exploration and production companies. The company operates drilling rigs and provides related equipment, technology and field services used to drill and develop hydrocarbon wells.

H&P is known for its FlexRig fleet, including AC-powered rigs designed for horizontal and unconventional drilling. Its services may include rig operations, drilling support, automation and other technologies intended to improve operational efficiency, well placement and safety.

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