Palisade Capital Management LP Makes New Investment in Helmerich & Payne, Inc. $HP

Palisade Capital Management LP acquired a new stake in Helmerich & Payne, Inc. (NYSE:HP) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 60,711 shares of the oil and gas company’s stock, valued at approximately $1,988,000. Palisade Capital Management LP owned 0.06% of Helmerich & Payne as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. William B. Walkup & Associates Inc. raised its position in shares of Helmerich & Payne by 1.0% in the first quarter. William B. Walkup & Associates Inc. now owns 35,241 shares of the oil and gas company’s stock valued at $1,270,000 after buying an additional 355 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Helmerich & Payne by 1.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 22,761 shares of the oil and gas company’s stock worth $653,000 after buying an additional 400 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Helmerich & Payne by 24.3% during the 4th quarter. Hantz Financial Services Inc. now owns 2,276 shares of the oil and gas company’s stock worth $65,000 after acquiring an additional 445 shares during the period. Cerity Partners LLC increased its stake in Helmerich & Payne by 2.6% during the 4th quarter. Cerity Partners LLC now owns 19,339 shares of the oil and gas company’s stock worth $555,000 after acquiring an additional 498 shares during the period. Finally, KLCM Advisors Inc. raised its holdings in Helmerich & Payne by 5.5% in the 4th quarter. KLCM Advisors Inc. now owns 10,550 shares of the oil and gas company’s stock valued at $303,000 after acquiring an additional 550 shares in the last quarter. Institutional investors and hedge funds own 96.05% of the company’s stock.

Wall Street Analyst Weigh In

HP has been the subject of a number of recent analyst reports. Weiss Ratings upgraded Helmerich & Payne from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. The Goldman Sachs Group boosted their price target on Helmerich & Payne from $35.00 to $41.00 and gave the company a “neutral” rating in a research note on Wednesday, June 3rd. Susquehanna upped their price objective on shares of Helmerich & Payne from $40.00 to $44.00 and gave the stock a “positive” rating in a research report on Friday, August 7th. Barclays increased their price objective on shares of Helmerich & Payne from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Finally, Piper Sandler raised their target price on shares of Helmerich & Payne from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Helmerich & Payne has an average rating of “Hold” and an average price target of $41.00.

Insiders Place Their Bets

In other news, SVP Cara M. Hair sold 11,149 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $44.27, for a total value of $493,566.23. Following the completion of the transaction, the senior vice president owned 136,095 shares of the company’s stock, valued at approximately $6,024,925.65. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hans Helmerich sold 94,470 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $43.90, for a total transaction of $4,147,233.00. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $878,000. The trade was a 82.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 110,673 shares of company stock valued at $4,864,590. 4.40% of the stock is currently owned by corporate insiders.

Helmerich & Payne Trading Down 2.1%

Shares of HP stock opened at $41.18 on Thursday. The stock’s fifty day moving average price is $36.20 and its two-hundred day moving average price is $36.50. The company has a market cap of $4.12 billion, a PE ratio of -29.21 and a beta of 0.61. Helmerich & Payne, Inc. has a fifty-two week low of $18.79 and a fifty-two week high of $45.00. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.55 and a current ratio of 1.96.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $987.70 million. During the same period last year, the firm posted $0.22 EPS. Helmerich & Payne’s quarterly revenue was down .6% on a year-over-year basis. Equities analysts predict that Helmerich & Payne, Inc. will post -0.16 EPS for the current fiscal year.

Helmerich & Payne Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 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.