Helmerich & Payne (NYSE:HP) Sets New 52-Week High – Still a Buy?

Helmerich & Payne, Inc. (NYSE:HP)’s stock price hit a new 52-week high on Monday . The company traded as high as $41.68 and last traded at $41.5050, with a volume of 661044 shares trading hands. The stock had previously closed at $39.50.

Analyst Ratings Changes

A number of analysts have weighed in on HP shares. Morgan Stanley upped their price target on Helmerich & Payne from $35.00 to $39.00 and gave the company an “underweight” rating in a research report on Thursday. Citigroup upped their price target on Helmerich & Payne from $33.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Piper Sandler upped their price objective on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday. Susquehanna upped their price objective on shares of Helmerich & Payne from $42.00 to $43.00 and gave the stock a “positive” rating in a research note on Friday, May 8th. Finally, Barclays upped their price objective on shares of Helmerich & Payne from $39.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, May 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 company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $39.70.

Helmerich & Payne Stock Up 4.6%

The company has a market cap of $4.13 billion, a P/E ratio of -10.91 and a beta of 0.62. The company has a quick ratio of 1.32, a current ratio of 1.71 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average price of $36.42 and a 200 day moving average price of $32.59.

Helmerich & Payne (NYSE:HP) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.32). Helmerich & Payne had a negative net margin of 9.38% and a negative return on equity of 1.16%. The company had revenue of $932.36 million for the quarter, compared to the consensus estimate of $945.60 million. During the same period last year, the company earned $0.01 earnings per share. Helmerich & Payne’s revenue for the quarter was down 8.2% compared to the same quarter last year. Equities research analysts forecast that Helmerich & Payne, Inc. will post 0.07 earnings per share for the current year.

Helmerich & Payne Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be issued a $0.25 dividend. The ex-dividend date is Monday, May 18th. This represents a $1.00 annualized dividend and a yield of 2.4%. Helmerich & Payne’s dividend payout ratio (DPR) is currently -26.39%.

Insider Transactions at Helmerich & Payne

In related news, SVP Cara M. Hair sold 58,771 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $36.62, for a total value of $2,152,194.02. Following the transaction, the senior vice president owned 175,589 shares in the company, valued at $6,430,069.18. This trade represents a 25.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Helmerich & Payne

Several hedge funds have recently added to or reduced their stakes in HP. Balyasny Asset Management L.P. boosted its holdings in Helmerich & Payne by 174.1% in the second quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company’s stock valued at $30,993,000 after acquiring an additional 1,298,510 shares during the last quarter. Encompass Capital Advisors LLC boosted its stake in Helmerich & Payne by 165.1% in the fourth quarter. Encompass Capital Advisors LLC now owns 2,081,644 shares of the oil and gas company’s stock valued at $59,702,000 after acquiring an additional 1,296,537 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Helmerich & Payne by 316.9% in the third quarter. Ameriprise Financial Inc. now owns 1,218,057 shares of the oil and gas company’s stock valued at $26,907,000 after acquiring an additional 925,921 shares during the last quarter. Canoe Financial LP bought a new position in Helmerich & Payne in the first quarter valued at approximately $33,130,000. Finally, Deprince Race & Zollo Inc. bought a new position in Helmerich & Payne in the fourth quarter valued at approximately $23,120,000. 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.