Zacks Investment Research cut shares of Helmerich & Payne, Inc. (NYSE:HP) from a hold rating to a sell rating in a report released on Tuesday, July 4th.
According to Zacks, “As crude gets deeply entrenched into a bearish territory and revolves around the $45a-barrel level, the top energy companies have been forced to cut spending (particularly on the costly upstream projects) on the back of lower profit margins. This, in turn, means less work for contract drillers like Helmerich & Payne. Moreover, the near-term weakness in the form of lower activity levels will significantly reduce the company's earnings over the next few quarters. Key metrices like rig utilization and margins will continue to be subdued for the foreseeable future, which makes Helmerich & Payne a risky bet that ordinary investors should exit.”
A number of other equities analysts have also weighed in on the stock. Guggenheim raised shares of Helmerich & Payne from a neutral rating to a buy rating in a research report on Monday, April 3rd. Iberia Capital upgraded shares of Helmerich & Payne from a sector perform rating to an outperform rating and set a $74.00 target price for the company in a report on Thursday, May 4th. Credit Suisse Group restated a hold rating and issued a $63.00 target price on shares of Helmerich & Payne in a report on Tuesday, May 2nd. BidaskClub upgraded shares of Helmerich & Payne from a strong sell rating to a sell rating in a report on Tuesday, June 13th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Helmerich & Payne from a neutral rating to a sell rating and lowered their target price for the company from $63.00 to $45.00 in a report on Monday, May 22nd. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. Helmerich & Payne presently has a consensus rating of Hold and an average price target of $59.33.
Helmerich & Payne (HP) traded down 2.32% during mid-day trading on Tuesday, reaching $51.82. 4,109,843 shares of the company’s stock were exchanged. Helmerich & Payne has a 1-year low of $49.46 and a 1-year high of $85.78. The firm’s 50-day moving average is $54.19 and its 200 day moving average is $62.94. The stock’s market capitalization is $5.63 billion.
Helmerich & Payne (NYSE:HP) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. The company had revenue of $498.60 million during the quarter, compared to analysts’ expectations of $452.42 million. Helmerich & Payne had a negative net margin of 11.19% and a negative return on equity of 3.37%. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.20) earnings per share. Analysts forecast that Helmerich & Payne will post ($1.32) earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.80 annualized dividend and a yield of 5.40%. Helmerich & Payne’s dividend payout ratio is presently -167.66%.
A number of hedge funds have recently bought and sold shares of the stock. Ibex Wealth Advisors acquired a new stake in shares of Helmerich & Payne during the fourth quarter worth $148,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Helmerich & Payne during the first quarter worth $172,000. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Helmerich & Payne by 4.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 2,885 shares of the oil and gas company’s stock worth $180,000 after buying an additional 116 shares during the period. Tompkins Financial Corp boosted its stake in shares of Helmerich & Payne by 244.4% in the first quarter. Tompkins Financial Corp now owns 3,375 shares of the oil and gas company’s stock worth $198,000 after buying an additional 2,395 shares during the period. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Helmerich & Payne during the first quarter worth $209,000.
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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