Helmerich & Payne (NYSE:HP) Shares Gap Down on Disappointing Earnings

Helmerich & Payne, Inc. (NYSE:HP) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $27.61, but opened at $25.20. Helmerich & Payne shares last traded at $26.2560, with a volume of 478,937 shares trading hands.

The oil and gas company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.27). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $972.79 million. Helmerich & Payne had a positive return on equity of 5.81% and a negative net margin of 0.90%.Helmerich & Payne’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.76 earnings per share.

Helmerich & Payne Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Tuesday, November 18th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. Helmerich & Payne’s dividend payout ratio is currently -303.03%.

Analyst Upgrades and Downgrades

HP has been the subject of a number of research analyst reports. Wall Street Zen raised Helmerich & Payne from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Research upgraded Helmerich & Payne to a “hold” rating in a research note on Monday, August 11th. The Goldman Sachs Group boosted their target price on shares of Helmerich & Payne from $18.00 to $20.00 and gave the company a “sell” rating in a research note on Monday, October 6th. Piper Sandler upped their price target on shares of Helmerich & Payne from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, August 14th. Finally, TD Cowen boosted their price objective on shares of Helmerich & Payne from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.20.

Institutional Investors Weigh In On Helmerich & Payne

Several large investors have recently modified their holdings of HP. Grace & White Inc. NY increased its holdings in shares of Helmerich & Payne by 23.3% in the 2nd quarter. Grace & White Inc. NY now owns 139,742 shares of the oil and gas company’s stock valued at $2,118,000 after acquiring an additional 26,400 shares during the period. State of Alaska Department of Revenue increased its position in Helmerich & Payne by 7.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 59,223 shares of the oil and gas company’s stock valued at $897,000 after buying an additional 4,158 shares in the last quarter. Abel Hall LLC purchased a new stake in Helmerich & Payne in the second quarter valued at about $163,000. Tcfg Wealth Management LLC purchased a new stake in Helmerich & Payne in the second quarter valued at about $766,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Helmerich & Payne in the first quarter worth about $626,000. Institutional investors own 96.05% of the company’s stock.

Helmerich & Payne Price Performance

The company has a quick ratio of 1.43, a current ratio of 1.84 and a debt-to-equity ratio of 0.76. The firm has a market cap of $2.61 billion, a PE ratio of -79.68 and a beta of 0.94. The stock has a 50 day moving average price of $23.81 and a two-hundred day moving average price of $19.61.

About Helmerich & Payne

Founded in 1920, Helmerich & Payne, Inc (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders.