Helmerich & Payne (NYSE:HP) Shares Down 4.5% – Here’s Why

Shares of Helmerich & Payne, Inc. (NYSE:HP) fell 4.5% during mid-day trading on Thursday . The company traded as low as $45.65 and last traded at $45.5020. Approximately 324,529 shares were traded during trading, a decline of 77% from the average session volume of 1,403,101 shares. The stock had previously closed at $47.64.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Helmerich & Payne from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Weiss Ratings downgraded shares of Helmerich & Payne from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, August 27th. Piper Sandler increased their price target on Helmerich & Payne from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Morgan Stanley upped their target price on Helmerich & Payne from $36.00 to $41.00 and gave the stock an “underweight” rating in a research report on Thursday, August 20th. Finally, Royal Bank Of Canada upped their price target on Helmerich & Payne from $38.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Five analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $42.20.

Helmerich & Payne Trading Down 1.5%

The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 0.69. The business has a 50 day simple moving average of $37.62 and a two-hundred day simple moving average of $36.99. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of -31.44 and a beta of 0.66.

Helmerich & Payne (NYSE:HP) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.20). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $987.70 million. Helmerich & Payne had a negative net margin of 3.43% and a negative return on equity of 2.35%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 earnings per share. As a group, equities analysts anticipate that Helmerich & Payne, Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling at Helmerich & Payne

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HP. Corient Private Wealth LP lifted its stake in Helmerich & Payne by 24.9% during the second quarter. Corient Private Wealth LP now owns 8,505 shares of the oil and gas company’s stock worth $278,000 after purchasing an additional 1,698 shares during the last quarter. Amundi lifted its position in shares of Helmerich & Payne by 85.4% in the 2nd quarter. Amundi now owns 22,773 shares of the oil and gas company’s stock worth $746,000 after buying an additional 10,490 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Helmerich & Payne by 3,079.7% in the 2nd quarter. California State Teachers Retirement System now owns 3,722,669 shares of the oil and gas company’s stock valued at $113,704,000 after buying an additional 3,605,593 shares during the period. Readystate Asset Management LP bought a new stake in shares of Helmerich & Payne during the 2nd quarter valued at about $9,311,000. Finally, Nykredit A S acquired a new stake in Helmerich & Payne during the second quarter worth about $112,000. Institutional investors and hedge funds 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.