Helmerich & Payne (NYSE:HP) Trading 4.9% Higher - Here's Why

Key Points

• Helmerich & Payne shares rose 4.9% to about $44.65 in midday trading, although volume was down 94% from the average.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, four a Hold and two a Sell, producing a consensus Hold rating and an average price target of $41.00.
• The company reported a quarterly EPS loss of $0.11, missing estimates by $0.20, while revenue reached $1.03 billion. HP also declared a $0.25 quarterly dividend, equal to a 2.3% yield, as insiders sold roughly $4.86 million of stock during the quarter.

Helmerich & Payne, Inc. (NYSE:HP - Get Free Report)'s share price shot up 4.9% on Monday . The stock traded as high as $44.98 and last traded at $44.6470. Approximately 78,403 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 1,392,394 shares. The stock had previously closed at $42.55.

Analyst Upgrades and Downgrades

HP has been the topic of a number of research analyst reports. Piper Sandler increased their target price on Helmerich & Payne from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Susquehanna boosted their price target on Helmerich & Payne from $40.00 to $44.00 and gave the company a "positive" rating in a report on Friday, August 7th. Morgan Stanley upped their price target on Helmerich & Payne from $36.00 to $41.00 and gave the company an "underweight" rating in a research report on Thursday, August 20th. Royal Bank Of Canada lifted their price objective on shares of Helmerich & Payne from $38.00 to $40.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. Finally, Citigroup lowered their target price on shares of Helmerich & Payne from $38.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, June 29th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $41.00.

Helmerich & Payne Price Performance

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.55. The company has a fifty day moving average price of $36.51 and a 200 day moving average price of $36.60. The company has a market capitalization of $4.35 billion, a P/E ratio of -30.87 and a beta of 0.61.

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

Helmerich & Payne Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.00 annualized dividend and a dividend yield of 2.3%. Helmerich & Payne's payout ratio is -70.92%.

Insider Activity

In other news, Director Hans Helmerich sold 94,470 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $43.90, for a total transaction of $4,147,233.00. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $878,000. This represents a 82.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Cara M. Hair sold 11,149 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $44.27, for a total transaction of $493,566.23. Following the completion of the sale, the senior vice president directly owned 136,095 shares in the company, valued at approximately $6,024,925.65. This trade represents a 7.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 110,673 shares of company stock valued at $4,864,590. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Helmerich & Payne

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada increased its position in Helmerich & Payne by 4.4% in the 1st quarter. Royal Bank of Canada now owns 104,180 shares of the oil and gas company's stock valued at $2,721,000 after acquiring an additional 4,394 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Helmerich & Payne by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,630 shares of the oil and gas company's stock worth $1,531,000 after acquiring an additional 3,611 shares during the period. NewEdge Advisors LLC grew its stake in shares of Helmerich & Payne by 39,685.1% in the first quarter. NewEdge Advisors LLC now owns 34,613 shares of the oil and gas company's stock worth $904,000 after purchasing an additional 34,526 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Helmerich & Payne by 9.9% in 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 in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Helmerich & Payne by 34.5% in 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 in the last quarter. Institutional investors own 96.05% of the company's stock.

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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