Helmerich & Payne (NYSE:HP) Announces Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Helmerich & Payne (NYSE:HP) released its quarterly earnings results on Wednesday. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.20), FiscalAI reports. Helmerich & Payne had a negative net margin of 9.38% and a negative return on equity of 1.16%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $987.70 million. During the same period in the previous year, the company earned $0.22 EPS. Helmerich & Payne’s revenue for the quarter was down .6% compared to the same quarter last year.

Helmerich & Payne Trading Down 3.4%

Shares of HP traded down $1.17 during mid-day trading on Wednesday, reaching $33.32. 874,469 shares of the company’s stock traded hands, compared to its average volume of 978,826. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.71 and a quick ratio of 1.32. The stock’s 50-day moving average is $34.99 and its two-hundred day moving average is $35.57. Helmerich & Payne has a 12 month low of $15.28 and a 12 month high of $41.82. The stock has a market cap of $3.33 billion, a P/E ratio of -8.79 and a beta of 0.61.

Helmerich & Payne Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. Helmerich & Payne’s dividend payout ratio is currently -26.39%.

Analysts Set New Price Targets

HP has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Helmerich & Payne in a research note on Wednesday, June 24th. The Goldman Sachs Group boosted their target price on Helmerich & Payne from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Wednesday, June 3rd. Barclays increased their price target on Helmerich & Payne from $39.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Piper Sandler raised their price target on Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Finally, Susquehanna dropped their price objective on shares of Helmerich & Payne from $43.00 to $40.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $39.80.

Hedge Funds Weigh In On Helmerich & Payne

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its stake in Helmerich & Payne by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,165,265 shares of the oil and gas company’s stock worth $148,141,000 after purchasing an additional 194,935 shares during the period. State Street Corp boosted its position in Helmerich & Payne by 0.8% in the 4th quarter. State Street Corp now owns 4,222,536 shares of the oil and gas company’s stock valued at $121,102,000 after buying an additional 33,193 shares during the period. Invesco Ltd. grew its stake in Helmerich & Payne by 15.5% in the 4th quarter. Invesco Ltd. now owns 3,468,526 shares of the oil and gas company’s stock worth $99,477,000 after acquiring an additional 465,440 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in Helmerich & Payne by 4.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 2,132,265 shares of the oil and gas company’s stock worth $47,102,000 after acquiring an additional 87,882 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Helmerich & Payne by 20.7% in the fourth quarter. Van ECK Associates Corp now owns 1,871,300 shares of the oil and gas company’s stock valued at $53,669,000 after purchasing an additional 321,021 shares during the period. Hedge funds and other institutional investors own 96.05% of the company’s stock.

About Helmerich & Payne

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.