Helmerich & Payne (NYSE:HP) Hits New 1-Year High – Here’s Why

Helmerich & Payne, Inc. (NYSE:HP) shares reached a new 52-week high on Wednesday . The company traded as high as $37.87 and last traded at $37.26, with a volume of 1464572 shares changing hands. The stock had previously closed at $37.13.

Analysts Set New Price Targets

A number of research firms have commented on HP. TD Cowen lifted their price objective on shares of Helmerich & Payne from $35.00 to $38.00 and gave the stock a “hold” rating in a research report on Monday, February 9th. Royal Bank Of Canada increased their price objective on shares of Helmerich & Payne from $34.00 to $36.00 and gave the company a “sector perform” rating in a research report on Friday, February 6th. Morgan Stanley restated an “underweight” rating and set a $28.00 target price on shares of Helmerich & Payne in a research note on Wednesday, January 21st. JPMorgan Chase & Co. raised shares of Helmerich & Payne from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $24.00 to $34.00 in a report on Wednesday, December 10th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $32.00 price target on shares of Helmerich & Payne in a research note on Wednesday, January 14th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Helmerich & Payne currently has an average rating of “Hold” and a consensus price target of $36.80.

Helmerich & Payne Price Performance

The company has a current ratio of 2.03, a quick ratio of 1.58 and a debt-to-equity ratio of 0.75. The company has a 50 day moving average of $34.36 and a 200-day moving average of $28.96. The firm has a market capitalization of $3.72 billion, a P/E ratio of -11.68 and a beta of 0.54.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.27). Helmerich & Payne had a positive return on equity of 0.28% and a negative net margin of 7.71%.The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $990.16 million. During the same quarter in the previous year, the business earned $0.71 EPS. The firm’s quarterly revenue was up 50.2% on a year-over-year basis. On average, sell-side analysts predict that Helmerich & Payne, Inc. will post 2.93 EPS for the current year.

Helmerich & Payne Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a $0.25 dividend. The ex-dividend date is Monday, May 18th. This represents a $1.00 annualized dividend and a dividend yield of 2.7%. Helmerich & Payne’s dividend payout ratio is -31.35%.

Insider Buying and Selling

In other Helmerich & Payne news, SVP Cara M. Hair sold 58,771 shares of Helmerich & Payne stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $36.62, for a total value of $2,152,194.02. Following the completion of the sale, the senior vice president owned 175,589 shares in the company, valued at $6,430,069.18. The trade was a 25.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Leonteq Securities AG acquired a new stake in shares of Helmerich & Payne in the fourth quarter valued at approximately $26,000. Rothschild Investment LLC grew its position in Helmerich & Payne by 1,377.8% during the third quarter. Rothschild Investment LLC now owns 1,330 shares of the oil and gas company’s stock worth $29,000 after buying an additional 1,240 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Helmerich & Payne by 2,433.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,647 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,582 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in Helmerich & Payne by 46.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,745 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 554 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in Helmerich & Payne by 184.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,831 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,187 shares during the period. Institutional investors and hedge funds 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.