Helmerich & Payne (NYSE:HP) Price Target Raised to $35.00

Helmerich & Payne (NYSE:HP) had its price objective hoisted by TD Cowen from $33.00 to $35.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the oil and gas company’s stock. TD Cowen’s price target suggests a potential upside of 16.45% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Susquehanna upped their price objective on Helmerich & Payne from $31.00 to $36.00 and gave the stock a “positive” rating in a report on Wednesday. JPMorgan Chase & Co. raised Helmerich & Payne from a “neutral” rating to an “overweight” rating and upped their price target for the company from $24.00 to $34.00 in a research note on Wednesday, December 10th. Evercore ISI lifted their price objective on Helmerich & Payne from $20.00 to $27.00 and gave the stock an “in-line” rating in a research report on Wednesday, November 19th. Barclays boosted their price objective on Helmerich & Payne from $29.00 to $36.00 and gave the stock a “neutral” rating in a report on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Helmerich & Payne in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Helmerich & Payne currently has an average rating of “Hold” and an average target price of $31.90.

Helmerich & Payne Price Performance

NYSE HP traded down $1.01 on Wednesday, hitting $30.06. 416,488 shares of the company were exchanged, compared to its average volume of 1,459,752. The company has a current ratio of 1.80, a quick ratio of 1.40 and a debt-to-equity ratio of 0.73. The company has a market cap of $2.96 billion, a P/E ratio of -17.99 and a beta of 0.56. Helmerich & Payne has a 1-year low of $14.65 and a 1-year high of $37.30. The firm has a 50 day moving average of $28.08 and a two-hundred day moving average of $22.45.

Helmerich & Payne (NYSE:HP) last announced its earnings results on Monday, November 17th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.27). Helmerich & Payne had a positive return on equity of 3.21% and a negative net margin of 4.37%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $972.79 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. Helmerich & Payne’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, equities analysts predict that Helmerich & Payne will post 2.93 EPS for the current year.

Insider Transactions at Helmerich & Payne

In other Helmerich & Payne news, Director Hans Helmerich sold 75,000 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $28.12, for a total transaction of $2,109,000.00. Following the transaction, the director owned 496,735 shares in the company, valued at approximately $13,968,188.20. This trade represents a 13.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.51% of the company’s stock.

Institutional Investors Weigh In On Helmerich & Payne

Several large investors have recently made changes to their positions in the stock. Balyasny Asset Management L.P. grew its holdings in shares of Helmerich & Payne by 174.1% during the second quarter. Balyasny Asset Management L.P. now owns 2,044,383 shares of the oil and gas company’s stock worth $30,993,000 after buying an additional 1,298,510 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Helmerich & Payne by 316.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,218,057 shares of the oil and gas company’s stock worth $26,907,000 after acquiring an additional 925,921 shares during the last quarter. Norges Bank bought a new position in shares of Helmerich & Payne during the 2nd quarter worth approximately $10,571,000. Bridgeway Capital Management LLC bought a new position in shares of Helmerich & Payne during the 2nd quarter worth approximately $7,841,000. Finally, Millennium Management LLC raised its holdings in shares of Helmerich & Payne by 439.3% in the third quarter. Millennium Management LLC now owns 614,884 shares of the oil and gas company’s stock valued at $13,583,000 after purchasing an additional 500,863 shares during the last quarter. Institutional investors 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.