Helmerich & Payne (NYSE:HP) Sets New 1-Year High – What’s Next?

Shares of Helmerich & Payne, Inc. (NYSE:HP) hit a new 52-week high on Monday . The stock traded as high as $44.72 and last traded at $44.4140, with a volume of 130242 shares. The stock had previously closed at $44.20.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HP. Wall Street Zen upgraded Helmerich & Payne from a “sell” rating to a “hold” rating in a report on Saturday. Morgan Stanley reiterated an “underweight” rating and issued a $36.00 target price on shares of Helmerich & Payne in a research note on Wednesday, July 15th. Royal Bank Of Canada boosted their target price on shares of Helmerich & Payne from $38.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Friday, May 8th. Piper Sandler increased their price target on shares of Helmerich & Payne from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, Citigroup cut their price target on shares of Helmerich & Payne from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, June 29th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.50.

Helmerich & Payne Stock Performance

The company has a market cap of $4.42 billion, a price-to-earnings ratio of -31.36 and a beta of 0.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.55. The firm has a fifty day simple moving average of $35.36 and a 200 day simple moving average of $36.00.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.20). The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $987.70 million. Helmerich & Payne had a negative return on equity of 2.35% and a negative net margin of 3.43%.Helmerich & Payne’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. On average, sell-side analysts expect that Helmerich & Payne, Inc. will post -0.12 earnings per share for the current fiscal year.

Helmerich & Payne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, August 18th. Helmerich & Payne’s payout ratio is currently -70.92%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HP. Bank of America Corp DE acquired a new stake in shares of Helmerich & Payne in the second quarter worth $43,370,000. Gallagher Fiduciary Advisors LLC acquired a new stake in Helmerich & Payne in the 2nd quarter worth $319,000. Man Group plc bought a new position in shares of Helmerich & Payne during the 2nd quarter worth about $1,652,000. Jupiter Topco LLC acquired a new position in shares of Helmerich & Payne during the second quarter valued at about $1,372,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Helmerich & Payne during the second quarter valued at about $7,206,000. 96.05% of the stock is currently owned by institutional investors and hedge funds.

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.