Helmerich & Payne (NYSE:HP) Reaches New 12-Month High After Analyst Upgrade

Helmerich & Payne, Inc. (NYSE:HP)’s share price hit a new 52-week high on Monday after Barclays raised their price target on the stock from $47.00 to $50.00. Barclays currently has an overweight rating on the stock. Helmerich & Payne traded as high as $41.88 and last traded at $41.7340, with a volume of 1562470 shares. The stock had previously closed at $37.10.

Other equities analysts also recently issued research reports about the company. Royal Bank Of Canada lifted their price objective on Helmerich & Payne from $38.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, May 8th. Susquehanna upped their target price on Helmerich & Payne from $40.00 to $44.00 and gave the company a “positive” rating in a report on Friday. Citigroup cut their target price on Helmerich & Payne from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, June 29th. Piper Sandler lifted their price target on Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Finally, The Goldman Sachs Group boosted their price target on shares of Helmerich & Payne from $35.00 to $41.00 and gave the company a “neutral” rating in a research report on Wednesday, June 3rd. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $40.50.

Hedge Funds Weigh In On Helmerich & Payne

Several large investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Helmerich & Payne by 4.4% during the first quarter. Royal Bank of Canada now owns 104,180 shares of the oil and gas company’s stock valued at $2,721,000 after acquiring an additional 4,394 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Helmerich & Payne by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,630 shares of the oil and gas company’s stock worth $1,531,000 after purchasing an additional 3,611 shares during the period. NewEdge Advisors LLC increased its holdings in Helmerich & Payne by 39,685.1% in the 1st quarter. NewEdge Advisors LLC now owns 34,613 shares of the oil and gas company’s stock valued at $904,000 after purchasing an additional 34,526 shares during the last quarter. Empowered Funds LLC increased its holdings in Helmerich & Payne by 9.9% in the 1st quarter. Empowered Funds LLC now owns 9,459 shares of the oil and gas company’s stock valued at $247,000 after purchasing an additional 852 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Helmerich & Payne by 34.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 213,445 shares of the oil and gas company’s stock valued at $5,575,000 after purchasing an additional 54,758 shares during the period. Institutional investors and hedge funds own 96.05% of the company’s stock.

Helmerich & Payne Trading Up 12.4%

The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 0.69. The business has a 50-day simple moving average of $34.96 and a 200-day simple moving average of $35.64. The company has a market cap of $4.17 billion, a PE ratio of -29.59 and a beta of 0.61.

Helmerich & Payne (NYSE:HP) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.20). Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%.The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $987.70 million. During the same quarter in the prior year, the business earned $0.22 earnings per share. The company’s quarterly revenue was down .6% on a year-over-year basis. On average, analysts predict that Helmerich & Payne, Inc. will post -0.11 EPS for the current fiscal year.

Helmerich & Payne Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 annualized dividend and a yield of 2.4%. Helmerich & Payne’s dividend payout ratio is presently -70.92%.

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.