Helmerich & Payne (NYSE:HP) Given New $40.00 Price Target at Bank of America

Helmerich & Payne (NYSE:HP) had its price target cut by Bank of America from $42.50 to $40.00 in a research note published on Monday, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

Several other research firms also recently commented on HP. Citigroup raised their price objective on Helmerich & Payne from $40.00 to $42.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Susquehanna dropped their target price on Helmerich & Payne from $52.00 to $50.00 and set a positive rating on the stock in a research report on Friday, April 26th. Piper Sandler decreased their price target on shares of Helmerich & Payne from $39.00 to $36.00 and set a neutral rating for the company in a research report on Monday. Finally, Benchmark reiterated a hold rating on shares of Helmerich & Payne in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $41.63.

Helmerich & Payne Stock Performance

HP stock opened at $41.17 on Monday. Helmerich & Payne has a twelve month low of $32.17 and a twelve month high of $46.55. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 4.37 and a beta of 1.47. The business’s fifty day simple moving average is $36.47 and its two-hundred day simple moving average is $38.01. The company has a quick ratio of 1.92, a current ratio of 2.16 and a debt-to-equity ratio of 0.19.

Helmerich & Payne (NYSE:HP) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $0.84 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.01). The company had revenue of $687.94 million during the quarter, compared to analysts’ expectations of $682.51 million. Helmerich & Payne had a return on equity of 13.21% and a net margin of 12.84%. The company’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.26 EPS. Analysts predict that Helmerich & Payne will post 3.46 earnings per share for the current year.

Helmerich & Payne Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.43%. Helmerich & Payne’s payout ratio is currently 28.57%.

Insider Transactions at Helmerich & Payne

In other news, CFO Mark W. Smith sold 16,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $40.49, for a total transaction of $647,840.00. Following the sale, the chief financial officer now owns 144,870 shares of the company’s stock, valued at approximately $5,865,786.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Helmerich & Payne news, CFO Mark W. Smith sold 16,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $40.49, for a total transaction of $647,840.00. Following the transaction, the chief financial officer now directly owns 144,870 shares of the company’s stock, valued at $5,865,786.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Cara M. Hair sold 9,910 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $40.22, for a total transaction of $398,580.20. Following the transaction, the senior vice president now owns 137,764 shares of the company’s stock, valued at approximately $5,540,868.08. The disclosure for this sale can be found here. Company insiders own 4.38% of the company’s stock.

Hedge Funds Weigh In On Helmerich & Payne

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jump Financial LLC purchased a new position in Helmerich & Payne in the 4th quarter worth approximately $3,561,000. BNP Paribas Financial Markets lifted its position in Helmerich & Payne by 61.2% during the fourth quarter. BNP Paribas Financial Markets now owns 331,343 shares of the oil and gas company’s stock worth $12,001,000 after buying an additional 125,768 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Helmerich & Payne during the fourth quarter worth $1,206,000. Gendell Jeffrey L increased its stake in shares of Helmerich & Payne by 44.9% in the 4th quarter. Gendell Jeffrey L now owns 405,776 shares of the oil and gas company’s stock worth $14,697,000 after acquiring an additional 125,671 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Helmerich & Payne by 8.7% during the 4th quarter. Victory Capital Management Inc. now owns 2,628,685 shares of the oil and gas company’s stock worth $95,211,000 after acquiring an additional 210,321 shares during the period. 96.05% of the stock is currently owned by institutional investors and hedge funds.

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.