Helmerich & Payne (NYSE:HP) Issues Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Helmerich & Payne (NYSE:HP) released its quarterly earnings data on Wednesday. The oil and gas company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.20), FiscalAI reports. Helmerich & Payne had a negative return on equity of 1.16% and a negative net margin of 9.38%.The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $987.70 million. During the same period in the prior year, the firm earned $0.22 EPS. The business’s revenue for the quarter was down .6% compared to the same quarter last year.

Helmerich & Payne Stock Performance

HP stock traded down $1.17 during mid-day trading on Wednesday, reaching $33.32. The company had a trading volume of 874,469 shares, compared to its average volume of 978,826. Helmerich & Payne has a one year low of $15.28 and a one year high of $41.82. The stock has a market capitalization of $3.33 billion, a P/E ratio of -8.79 and a beta of 0.61. The company has a quick ratio of 1.32, a current ratio of 1.71 and a debt-to-equity ratio of 0.71. The stock’s 50-day simple moving average is $34.99 and its two-hundred day simple moving average is $35.57.

Helmerich & Payne Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, August 18th. Helmerich & Payne’s dividend payout ratio (DPR) is presently -26.39%.

Analysts Set New Price Targets

A number of analysts have weighed in on HP shares. Morgan Stanley reissued an “underweight” rating and set a $36.00 target price on shares of Helmerich & Payne in a report on Wednesday, July 15th. The Goldman Sachs Group lifted their price target on shares of Helmerich & Payne from $35.00 to $41.00 and gave the company a “neutral” rating in a report on Wednesday, June 3rd. Susquehanna lowered their price objective on shares of Helmerich & Payne from $43.00 to $40.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Helmerich & Payne in a research note on Wednesday, June 24th. Finally, Barclays raised their target price on shares of Helmerich & Payne from $39.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $39.80.

Institutional Trading of Helmerich & Payne

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in Helmerich & Payne by 2,433.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,647 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,582 shares during the last quarter. Parallel Advisors LLC boosted its stake in Helmerich & Payne by 407.1% during the 3rd quarter. Parallel Advisors LLC now owns 2,226 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 1,787 shares during the period. Smartleaf Asset Management LLC boosted its stake in Helmerich & Payne by 50.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,735 shares of the oil and gas company’s stock valued at $108,000 after purchasing an additional 1,248 shares during the period. Advisory Services Network LLC bought a new position in Helmerich & Payne in the 3rd quarter worth about $118,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Helmerich & Payne by 454.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,909 shares of the oil and gas company’s stock worth $120,000 after purchasing an additional 6,483 shares during the last quarter. Institutional investors and hedge funds 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.