Zacks Investment Research upgraded shares of Helmerich & Payne (NYSE:HP) from a hold rating to a buy rating in a research report released on Friday. They currently have $82.00 target price on the oil and gas company’s stock.
According to Zacks, “Following Helmerich & Payne's solid Q1 results, we are recalibrating our investment thesis on the company from Sell to Hold. Higher drilling activity at its biggest segment – U.S. Land – helped HP come out with narrower-than-expected loss. The rally in crude prices over the past year have led to strengthening fundamentals and increasing level of rig activity. In particular, HP's U.S. land drilling business has been able to grow its utilization and dayrates amid pricing improvements. As it is, we believe the proprietary FlexRigs will continue to benefit from the shift to complex onshore plays that require highly intensive solutions. Consequently, we think Helmerich & Payne offers substantial upside potential from the current price levels and view it as an attractive investment.”
Several other research analysts have also recently weighed in on HP. Jefferies Group set a $50.00 price objective on shares of Helmerich & Payne and gave the stock a hold rating in a research report on Thursday, October 5th. Deutsche Bank assumed coverage on shares of Helmerich & Payne in a research report on Tuesday, October 10th. They issued a hold rating and a $45.00 price objective for the company. BMO Capital Markets reiterated a sell rating on shares of Helmerich & Payne in a research report on Friday, October 13th. Royal Bank of Canada reiterated a hold rating and set a $53.00 target price on shares of Helmerich & Payne in a research report on Wednesday, October 18th. Finally, Cowen set a $50.00 target price on shares of Helmerich & Payne and gave the company a hold rating in a research report on Wednesday, October 18th. Seven investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $57.68.
Helmerich & Payne (NYSE:HP) opened at $70.11 on Friday. The company has a quick ratio of 3.19, a current ratio of 3.28 and a debt-to-equity ratio of 0.11. Helmerich & Payne has a 1 year low of $42.16 and a 1 year high of $75.02.
Helmerich & Payne (NYSE:HP) last posted its quarterly earnings data on Thursday, January 25th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.14. Helmerich & Payne had a net margin of 20.30% and a negative return on equity of 1.90%. The firm had revenue of $564.10 million during the quarter, compared to analysts’ expectations of $547.64 million. During the same quarter in the previous year, the company posted ($0.33) EPS. Helmerich & Payne’s revenue was up 53.0% on a year-over-year basis. sell-side analysts expect that Helmerich & Payne will post -0.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Monday, February 12th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Friday, February 9th. Helmerich & Payne’s dividend payout ratio (DPR) is 76.09%.
In other news, Director Chapman Paula Marshall sold 2,555 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $57.80, for a total value of $147,679.00. Following the completion of the transaction, the director now owns 12,525 shares of the company’s stock, valued at approximately $723,945. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Thrivent Financial For Lutherans boosted its stake in Helmerich & Payne by 3.2% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,140 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 130 shares during the period. Advisor Group Inc. boosted its stake in Helmerich & Payne by 42.7% in the 2nd quarter. Advisor Group Inc. now owns 5,528 shares of the oil and gas company’s stock worth $296,000 after purchasing an additional 1,654 shares during the period. Voya Investment Management LLC boosted its stake in Helmerich & Payne by 2.0% in the 2nd quarter. Voya Investment Management LLC now owns 58,419 shares of the oil and gas company’s stock worth $3,175,000 after purchasing an additional 1,170 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Helmerich & Payne in the 2nd quarter worth $1,238,000. Finally, Royal Bank of Canada boosted its stake in Helmerich & Payne by 5.5% in the 2nd quarter. Royal Bank of Canada now owns 62,659 shares of the oil and gas company’s stock worth $3,404,000 after purchasing an additional 3,264 shares during the period.
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Helmerich & Payne Company Profile
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
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