Helmerich & Payne (NYSE:HP) Hits New 52-Week High – Here’s Why

Helmerich & Payne, Inc. (NYSE:HP)’s share price reached a new 52-week high on Wednesday . The company traded as high as $35.63 and last traded at $35.5060, with a volume of 1649583 shares changing hands. The stock had previously closed at $34.25.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HP. Evercore ISI set a $37.00 target price on shares of Helmerich & Payne in a research report on Friday. Piper Sandler raised Helmerich & Payne from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $21.00 to $35.00 in a report on Thursday, December 18th. Royal Bank Of Canada raised their target price on Helmerich & Payne from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Friday. Morgan Stanley reaffirmed an “underweight” rating and set a $28.00 price target on shares of Helmerich & Payne in a research report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Helmerich & Payne from a “hold” rating to a “sell” rating in a research note on Sunday, November 23rd. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $33.91.

Helmerich & Payne Trading Up 4.3%

The company has a debt-to-equity ratio of 0.73, a current ratio of 1.80 and a quick ratio of 1.40. The stock has a 50 day moving average of $30.66 and a 200 day moving average of $24.90. The firm has a market cap of $3.66 billion, a P/E ratio of -11.29 and a beta of 0.57.

Helmerich & Payne (NYSE:HP) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.27). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $990.16 million. Helmerich & Payne had a negative net margin of 7.71% and a positive return on equity of 0.28%. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same period last year, the business posted $0.71 earnings per share. As a group, equities research analysts predict that Helmerich & Payne, Inc. will post 2.93 EPS for the current year.

Helmerich & Payne Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. Helmerich & Payne’s dividend payout ratio (DPR) is presently -59.88%.

Insider Buying and Selling

In other Helmerich & Payne news, Director Hans Helmerich sold 75,000 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $28.12, for a total value of $2,109,000.00. Following the completion of the transaction, the director owned 496,735 shares in the company, valued at approximately $13,968,188.20. This represents a 13.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Helmerich & Payne

Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of Helmerich & Payne by 2,433.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,647 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,582 shares during the period. Leonteq Securities AG bought a new stake in shares of Helmerich & Payne during the 4th quarter valued at about $26,000. Rothschild Investment LLC increased its position in shares of Helmerich & Payne by 1,377.8% during the 3rd quarter. Rothschild Investment LLC now owns 1,330 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 1,240 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Helmerich & Payne by 46.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,745 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 554 shares during the period. Finally, Hantz Financial Services Inc. boosted its holdings in shares of Helmerich & Payne by 184.3% in the third quarter. Hantz Financial Services Inc. now owns 1,831 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,187 shares during the last quarter. Hedge funds and other institutional investors own 96.05% of the company’s stock.

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.