Zacks Investment Research upgraded shares of Helmerich & Payne (NYSE:HP) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. They currently have $67.00 price target on the oil and gas company’s stock.
According to Zacks, “Boasting the youngest as well as the most efficient drilling feet, Helmerich’s technologically-advanced FlexRigs are much in demand and command strong daily rate margins. With HP posting stronger y/y results in the last quarter on the back of solid U.S. Land unit, it expects the growth momentum to continue, further enhancing its revenues. Moreover, the firm also expects its offshore revenues to improve sequentially in the upcoming quarter. The buyout of MagVar and Motive Drilling Technologies has further enhanced HP’s directional drilling performance giving a boost to its newly formed Technologies unit. Its strong financials and dividend aristocrat status also bodes well. As such, the stock seems an attractive bet at the moment. “
A number of other equities research analysts also recently weighed in on HP. Piper Jaffray Companies set a $61.00 price objective on Helmerich & Payne and gave the company a hold rating in a report on Thursday, April 4th. Jefferies Financial Group downgraded Helmerich & Payne from a buy rating to a hold rating and reduced their target price for the stock from $64.00 to $56.00 in a report on Friday, March 15th. Macquarie set a $45.00 target price on Helmerich & Payne and gave the stock a sell rating in a report on Tuesday, February 5th. Seaport Global Securities reissued a hold rating on shares of Helmerich & Payne in a report on Wednesday, January 30th. Finally, Credit Suisse Group reissued a neutral rating on shares of Helmerich & Payne in a report on Thursday, January 31st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the stock. Helmerich & Payne presently has an average rating of Hold and a consensus price target of $66.47.
Helmerich & Payne (NYSE:HP) last released its quarterly earnings data on Tuesday, January 29th. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $740.60 million for the quarter, compared to the consensus estimate of $716.12 million. Helmerich & Payne had a return on equity of 1.18% and a net margin of 0.06%. On average, sell-side analysts predict that Helmerich & Payne will post 1.68 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Friday, May 10th. Helmerich & Payne’s dividend payout ratio (DPR) is presently 2,028.57%.
A number of hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. raised its position in Helmerich & Payne by 2.6% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 7,139 shares of the oil and gas company’s stock worth $342,000 after purchasing an additional 182 shares during the last quarter. TD Asset Management Inc. raised its position in Helmerich & Payne by 0.4% in the 4th quarter. TD Asset Management Inc. now owns 52,208 shares of the oil and gas company’s stock worth $2,503,000 after purchasing an additional 187 shares during the last quarter. CSat Investment Advisory L.P. raised its position in Helmerich & Payne by 41.5% in the 4th quarter. CSat Investment Advisory L.P. now owns 679 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 199 shares during the last quarter. Radnor Capital Management LLC raised its position in Helmerich & Payne by 0.9% in the 4th quarter. Radnor Capital Management LLC now owns 23,560 shares of the oil and gas company’s stock worth $1,129,000 after purchasing an additional 200 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its position in Helmerich & Payne by 2.3% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,034 shares of the oil and gas company’s stock worth $433,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 93.71% of the company’s stock.
Helmerich & Payne Company Profile
Helmerich & Payne, Inc primarily engages in drilling oil and gas wells for exploration and production companies. The company operates through U.S. Land, Offshore, and International Land segments. The U.S. Land segment drills primarily in Colorado, Louisiana, Ohio, Oklahoma, New Mexico, North Dakota, Pennsylvania, Texas, Utah, West Virginia, and Wyoming.
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