Helmerich & Payne, Inc. (NYSE:HP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $75.00 target price on the oil and gas company’s stock. Zacks Investment Research’s price target would indicate a potential upside of 15.69% from the company’s current price.
According to Zacks, “The improving outlook in the U.S. land market is set to provide Helmerich & Payne with exciting opportunities to redeploy its technologically-advanced FlexRigs. With domestic rig count moving higher quickly, the drilling contractor is optimistic about getting leading-edger dayrates. As it is, we believe the FlexRigs will continue to benefit from the shift to complex onshore plays that require highly intensive solutions. Importantly, the company's healthy financial position means that its dividend is safe and sustainable. Consequently, we think Helmerich & Payne offers substantial upside potential from the current price levels and view it as an attractive investment.”
Other equities research analysts have also recently issued reports about the stock. Sanford C. Bernstein raised shares of Helmerich & Payne from a “market perform” rating to an “outperform” rating and set a $84.00 target price on the stock in a report on Friday, March 3rd. They noted that the move was a valuation call. Royal Bank of Canada lowered shares of Helmerich & Payne from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $83.00 to $94.00 in a research note on Friday, December 16th. Tudor Pickering initiated coverage on shares of Helmerich & Payne in a research note on Thursday, March 23rd. They issued a “hold” rating on the stock. Guggenheim upgraded shares of Helmerich & Payne from a “neutral” rating to a “buy” rating in a research note on Monday, April 3rd. Finally, Jefferies Group LLC reiterated a “sell” rating and issued a $55.00 price target on shares of Helmerich & Payne in a research note on Wednesday, March 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $69.38.
Shares of Helmerich & Payne (NYSE:HP) opened at 64.83 on Monday. Helmerich & Payne has a 52-week low of $56.19 and a 52-week high of $85.78. The stock’s market cap is $7.04 billion. The firm’s 50-day moving average price is $67.21 and its 200-day moving average price is $70.74.
Helmerich & Payne (NYSE:HP) last issued its earnings results on Thursday, January 26th. The oil and gas company reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.36) by $0.05. The firm earned $369 million during the quarter, compared to the consensus estimate of $332.26 million. Helmerich & Payne had a negative net margin of 7.17% and a negative return on equity of 3.34%. The firm’s revenue for the quarter was down 24.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 earnings per share. On average, equities research analysts forecast that Helmerich & Payne will post ($1.27) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 19th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 4.32%. The ex-dividend date is Wednesday, May 17th. Helmerich & Payne’s payout ratio is -274.51%.
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In related news, Director Thomas A. Petrie acquired 1,990 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The stock was acquired at an average price of $67.17 per share, with a total value of $133,668.30. Following the purchase, the director now directly owns 8,583 shares in the company, valued at $576,520.11. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.23% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Investec Asset Management LTD increased its position in Helmerich & Payne by 95.6% in the fourth quarter. Investec Asset Management LTD now owns 1,740,007 shares of the oil and gas company’s stock valued at $134,677,000 after buying an additional 850,576 shares during the last quarter. Iberiabank Corp acquired a new position in Helmerich & Payne during the fourth quarter valued at about $1,389,000. BlackRock Group LTD increased its position in Helmerich & Payne by 1.8% in the third quarter. BlackRock Group LTD now owns 1,134,346 shares of the oil and gas company’s stock valued at $76,343,000 after buying an additional 20,063 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new position in Helmerich & Payne during the third quarter valued at about $9,518,000. Finally, HAP Trading LLC increased its position in Helmerich & Payne by 50.3% in the third quarter. HAP Trading LLC now owns 23,882 shares of the oil and gas company’s stock valued at $1,607,000 after buying an additional 7,989 shares during the last quarter.
About Helmerich & Payne
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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