Helmerich & Payne (NYSE:HP) Shares Gap Down on Disappointing Earnings

Helmerich & Payne, Inc. (NYSE:HP) shares gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $27.61, but opened at $25.20. Helmerich & Payne shares last traded at $26.2560, with a volume of 478,937 shares traded.

The oil and gas company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.27). The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $972.79 million. Helmerich & Payne had a positive return on equity of 5.81% and a negative net margin of 0.90%.The firm’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS.

Helmerich & Payne Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Tuesday, November 18th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, November 18th. Helmerich & Payne’s dividend payout ratio is -303.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on HP shares. Royal Bank Of Canada lifted their price target on Helmerich & Payne from $23.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Friday, August 8th. Citigroup increased their target price on Helmerich & Payne from $17.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. The Goldman Sachs Group boosted their price target on Helmerich & Payne from $18.00 to $20.00 and gave the company a “sell” rating in a report on Monday, October 6th. Barclays set a $25.00 price target on Helmerich & Payne and gave the company an “overweight” rating in a research report on Monday, September 22nd. Finally, TD Cowen lifted their price objective on shares of Helmerich & Payne from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $24.20.

Institutional Investors Weigh In On Helmerich & Payne

Large investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC acquired a new position in shares of Helmerich & Payne during the third quarter valued at $118,000. Tcfg Wealth Management LLC increased its holdings in shares of Helmerich & Payne by 85.9% in the 3rd quarter. Tcfg Wealth Management LLC now owns 93,948 shares of the oil and gas company’s stock worth $2,075,000 after acquiring an additional 43,412 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in Helmerich & Payne by 3.1% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 157,037 shares of the oil and gas company’s stock valued at $3,501,000 after purchasing an additional 4,662 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Helmerich & Payne during the 3rd quarter valued at about $415,000. Finally, Alyeska Investment Group L.P. acquired a new position in Helmerich & Payne during the 3rd quarter valued at about $9,739,000. 96.05% of the stock is owned by institutional investors and hedge funds.

Helmerich & Payne Trading Down 3.7%

The firm’s 50-day simple moving average is $23.95 and its 200 day simple moving average is $19.65. The stock has a market cap of $2.64 billion, a P/E ratio of -80.59 and a beta of 0.94. The company has a current ratio of 1.84, a quick ratio of 1.43 and a debt-to-equity ratio of 0.76.

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.